The British Competition and Market Authority (CMA) said in a statement that Facebook IncThe company was fined 50.5 million pounds in violation of an order issued by CMA during its investigation into its acquisition of Giphy.
CMA asked Facebook Inc to provide an update report outlining his compliance with the initial execution order, but Facebook Inc "greatly limited" the scope of the update.
In addition, CMA fined Facebook Inc £500000 for changing his chief compliance officer twice without prior consent.