Facebook has been fined $70 million (£50.5 million) for refusing to cooperate with UK competition regulators after being asked for information regarding its acquisition of the gif-sharing platform Giphy. The fine was only issued after several warnings from the UK’s Competition and Markets Authority (CMA).

Facebook acquired Giphy over a year ago for an undisclosed sum, but some reports claim the deal was valued at around $400 million. Soon after the takeover, the UK antitrust watchdog opened an investigation concerning the merger due to how it could affect competition in various markets. At the start of the investigation, the CMA also issued an initial enforcement order (IEO), preventing the transfer of assets and staff between the companies, and Giphy’s integration on any Facebook product.

Källa: Facebook fined $70 million by UK regulators for not cooperating on Giphy acquisition investigation