Facebook Has Been Fined By The UK!

Facebook has been fined by the UK. The British supervisory body Competition and Markets Authority (CMA) has fined Facebook £50.5m.

The British supervisory body, the Competition and Markets Authority (CMA), has decided to fine Facebook £50.5m for failing to comply with its rules regarding an ongoing review. In a statement made by the CMA, it was stated that Facebook was fined £50.5 million for violating an order issued by the CMA during the investigation into its acquisition of Giphy. In the statement, it was reported that Facebook did not integrate its operations with Giphy while the CMA's review of the acquisition was ongoing, and that it had to inform the CMA regularly during the process, but did not meet these requirements. In the statement, it was noted that Facebook did not integrate its operations with Giphy while the CMA's review of the acquisition was ongoing, and that it had to inform the CMA regularly during the process, but did not meet these requirements. In May 2020, Facebook acquired animation visual and video content producer Giphy for approximately $400 million. CMA's review of the sale continues.