The European Union on Monday issued Facebook parent company Meta with a list of objections over of its online classifieds business, Facebook Marketplace.
The European Commission, the EU's executive arm, said that it found Meta breached EU antitrust law by distorting competition in the markets for online classified ads.
It said it was concerned this arrangement gives Facebook Marketplace a "substantial distribution advantage that competitors cannot match." "We will continue to work with regulatory authorities to demonstrate that our product innovation is pro-consumer and pro-competitive," he added. However, if after a company presents its defense the Commission still finds sufficient evidence of a breach, it can face potential changes to its business practices or a fine of up to 10% of global annual revenue.
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