Federal Trade Commission approves $5 bn fine on Facebook on data protection lapses

US regulators have approved a $5 billion penalty to be levied on Facebook to settle a probe into the social network’s privacy and data protection lapses, the Wall Street Journal reported on Friday.

The Federal Trade Commission approved the settlement in a 3-2 vote, with the two Democratic members of the consumer protection agency dissenting.

According to the report, the deal, which would be the largest penalty ever imposed by the FTC for privacy violations, still needs approval from the Justice Department before it is finalized.

Although details have not yet been released, the deal will likely include restrictions on how Facebook is able to use personal data.