US Federal Trade Commission (FTC) has fined social media giant, Facebook a record $5 billion penalty over the Cambridge Analytica data breach last year.
The Commission announced the fine on Wednesday, noting that it was penalty over Facebook’s handling of user data which came to light after the Cambridge Analytica scandal.
Facebook said last month that it had set aside $3 billion to $5 billion for the settlement.
The settlement is the result of Facebook violating a 2012 agreement with the FTC, in which it promised not to hand over user data to third parties without consent.
It represents the biggest penalty the FTC has handed down to a technology company, with the regulator calling it “unprecedented.”