The Turkish Competition Board has revealed its decision to impose a daily fine of one hundred and sixty thousand dollar on Meta Platforms Inc., the parent company of Facebook.
The penalty follows a consequence of Meta’s failure to provide adequate documentation related to a previous investigation into the online video advertising market in 2022.
Following an examination of Meta’s compliance measures, the Turkish authority found them insufficient in addressing the violations of the law and restoring market competition.
As a result, the board has decided to apply the daily fine retroactively from December 12 until Meta submits a satisfactory compliance solution.
This stringent measure comes after a previous 2022 decision where Meta Platforms was fined 346.72 million lira ($11.57 million) for violating competition laws.
The Turkish Competition Board is maintaining a firm stance to ensure adherence to regulations and foster fair competition in the market.