EU fines Meta over abusive practices benefiting Facebook Marketplace

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EU fines Meta over abusive practices benefiting

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Marketplace

Meta, the parent company of social networking site

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, has faced calls to do more about financial scams on its platforms.

Artur Widak | Nurphoto via Getty Images

The ********* Commission on Thursday fined Meta Platforms €797.72 million ($840.24 million) over abusive practices benefiting

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Marketplace, it said in a statement, confirming an earlier report by Reuters.

“The ********* Commission has fined Meta … for breaching EU antitrust rules by tying its online classified ads service

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Marketplace to its personal social network

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and by imposing unfair trading conditions on other online classified ads service providers,” the ********* Commission said.

Meta said it will appeal the decision, but in the meantime, it will comply and will work quickly and constructively to launch a solution which addresses the points raised.

The move by the ********* Commission comes two years after it accused the U.S. tech giant of giving its classified ads service

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Marketplace an unfair advantage by bundling the two services together.

The ********* Union opened formal proceedings into possible anticompetitive conduct of

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in June, 2021, and in December, 2022, raised concerns that Meta ties its dominant social network

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to its online classified ad services.

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launched Marketplace in 2016 and expanded into several ********* countries a year later.

The EU decision argues that Meta imposes

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Marketplace on people who use

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in an ******** “tie” but Meta said that argument ignores the fact that

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users can choose whether to engage with Marketplace, and many do not.

Meta said the Commission claimed that Marketplace had the potential to hinder the growth of large incumbent online marketplaces in the EU but could not find any evidence of harm to competitors.

Companies risk fines of as much as 10% of their global turnover for EU antitrust violations.

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#fines #Meta #abusive #practices #benefiting #

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#Marketplace

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