Facebook has been fined $70 Million by the Britain

UNITED KINGDOM: The UK’s competition regulator penalized Facebook 50.5 million pounds ($69.6 million) for breaking an order issued during its inquiry into Facebook’s purchase of GIF site Giphy, the agency announced on Wednesday.

According to the Competition and Markets Authority (CMA), Facebook  intentionally disobeyed its decision, and the penalty acted as a reminder that no firm is above the law.

Facebook said it strongly disagreed.

While the CMA’s inquiry was ongoing, the CMA said that Facebook had failed to provide full updates on its compliance with requirements to continue competing with Giphy and not combine its operations with Giphy’s.

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The Competition and Markets Authority (CAM) claimed that Facebook had refused to report all of the relevant information despite several warnings and that the failure to comply was  intentional.

“We told Facebook that its refusal to provide us with vital information constituted a breach of the order, yet Facebook proceeded to ignore its legal commitments even after losing its appeal in two separate courts,” said Joel Bamford, senior director of mergers at the Competition and Markets Authority (CMA).

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“Any firm that believes it is above the law should take note of this.”

“We strongly disagree with the CMA’s unfair decision to punish Facebook for using a best-effort compliance strategy, which the CMA ultimately approved,” Facebook stated.

“We will examine our options after reviewing the CMA’s decision.”

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