The US Federal Trade Commission has voted to approve a fine of about US$5-billion for Facebook over privacy violations, the Wall Street Journal has reported.
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Facebook failed to fend off a lawsuit over a data breach that affected nearly 30 million users, one of several privacy snafus that have put the company under siege.
Facebook was hours away from the formal announcement of its ambitious foray into financial services, but French finance minister Bruno Le Maire was already broadcasting his discontent.
Facebook hopes its new cryptocurrency will one day trade on a global scale much like the US dollar. But to come anywhere close to matching the dollar for utility and acceptance, Libra will need to be widely trusted.
Regulators will be watching closely when Facebook unveils its cryptocurrency project this week. Their vigilance is warranted.
Facebook uncovered e-mails that seem to show CEO Mark Zuckerberg was aware of potentially problematic privacy practices at the company, the Wall Street Journal reported.