Facebook facing EU antitrust probe over Libra - Bloomberg

Aug. 20, 2019 1:26 PM ETMeta Platforms, Inc. (META)METABy: Jason Aycock, SA News Editor56 Comments
  • Facebook (FB -0.8%) is getting EU antitrust scrutiny over its Libra crypto project, Bloomberg reports.
  • The European Commission has sent a questionnaire to groups tied to the Libra proposals, saying it's "currently investigating potential anti-competitive behavior," according to a document Bloomberg saw.
  • The doc (a standard part of early-stage EU inquiries) is looking to measure the restrictive effect on competition amid concerns the payment system could unfairly shut out rivals, in part through integrating Libra-backed applications into services like WhatsApp and Messenger.
  • This comes in addition to another early EU investigation over Facebook's market power and ability to press rival apps.
  • Facebook has pledged to settle all regulatory concerns before launching Libra.

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