1 min read.Updated: 20 Oct 2021, 05:28 PM ISTReuters
Facebook has increasingly come under fire from regulators and lawmakers about its business practices
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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 with requirements to continue to compete with Giphy and not integrate its operations with Giphy's while its investigation was ongoing.
Facebook had not provided the required information, despite multiple warnings, the CMA said, and it considered its failure to comply deliberate.
"We warned Facebook that its refusal to provide us with important information was a breach of the order but, even after losing its appeal in two separate courts, Facebook continued to disregard its legal obligations," said Joel Bamford, senior director of mergers at the CMA.
"This should serve as a warning to any company that thinks it is above the law."