The defence ministry was asked to shut down the station during February's state of emergency.
The station is accused of contempt of court.
The watchdog's president conceded bias in defamation inquiries initiated by his colleagues.
The station has been fined millions since an anti-defamation law came into effect.
The MDP alleged the president's involvement in illegal fuel sales to North Korea.
The fundraising effort was launched by opposition candidate Ibrahim Mohamed Solih.
The station has been fined the maximum amount of US$130,000.
The station accused the broadcasting watchdog of trying to obstruct its work ahead of a presidential election.
Media outlets that “promote” convicted opposition leaders could be shut down.
TV stations could lose their licence if they break the rules.
Raajje TV has been fined MVR1.7 million in the past 18 months.
Raajje TV, an opposition aligned broadcaster, has borne the brunt of attacks against journalists during the last five years.
Mohamed Wisam and Amir Saleem were accused of making a video showing masked men in police uniforms threatening to join an anti-government demonstration.
A much-anticipated opposition demonstration on Friday night was suppressed with mass arrests and tear gas fired to keep protesters out of the capital's Republic Square.
The seven-member MBC is an independent body, but has been criticised for favouring President Abdulla Yameen’s administration.
Assad Shareef, a member of the Maldives Media Council, sued the regulatory body for declining to investigate a silent protest staged by Raajje TV staff at this...
Raajje TV was last month penalised for broadcasting remarks from an opposition MP, the third fine slapped on it this year by the Maldives Broadcasting Commission.