Britain fines Facebook $70 million for breaching order in Giphy deal

LONDON: 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.