The UK's competition regulator penalized Facebook (FB.O) 50.5 million pounds ($69.6 million) for breaking an order issued during its inquiry into the social media giant's acquisition of GIF site Giphy, the agency announced on Wednesday.
According to the Competition and Markets Authority (CMA), Facebook willfully disobeyed its mandate, and the penalty acted as a reminder that no firm is above the law. Regulators and lawmakers have been increasingly critical of Facebook's business practices.
While the investigation was ongoing, the regulator claimed Facebook had failed to provide full updates on its compliance with obligations to continue competing with Giphy and not combine its operations with Giphy's.
Despite several warnings, Facebook had not delivered the essential information, according to the CMA, which regarded its failure to comply maliciously.
Responding to the CMA fine, Facebook said: "We strongly disagree with the CMA's unfair decision to punish Facebook for a best-effort compliance approach, which the CMA itself ultimately approved.
"We will review the CMA's decision and consider our options."
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