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Turkey fines Meta about $18.6 million for violating competition law

Adel 26 October, 2022 11:47 am Global Stock Market, Market Update

Turkey’s Competition Board, the competition protection and antitrust body, said on Wednesday (October 26) it had fined Facebook’s owner Meta platforms 346.72 million lira ($18.63 million) for violating competition law.

The council added in a statement that it decided that the company obstructed its competitors operating in the field of providing social media services and online advertising markets by integrating data it collected through Facebook, Instagram and WhatsApp.

The Board indicated that determining the value of the fine imposed was based on the company’s annual income registered in 2021.

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