Britain’s Competition and Markets Authority (CMA) has fined Social media giant, Facebook £50.5 million for breaching an order imposed during its investigation into facebook’s purchase of GIF platform Giphy.
The CMA 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 and the penalty served as a warning that no company was above the law.
Facebook had refused to report all the required information, despite multiple warnings, the CMA said, and it therefore considered the failure to comply deliberate.
Facebook has however strongly disagreed saying “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.” Read a statement from facebook