 "Facebook")
Britain's competition regulator has fined Facebook 50.5 million pounds ($69.6 million) for breaching an order imposed during its investigation into the U.S. social media giant's purchase of GIF platform Giphy, the agency said on Wednesday.
The Competition and Markets Authority (CMA) said Facebook had deliberately failed to comply with its order, and the penalty served as a warning that no company was above the law.
Facebook has increasingly come under fire from regulators and lawmakers about its business practices.
It said it strongly disagreed with the CMA.
The regulator said Facebook had failed to provide full updates about its compliance
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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