Ant Group has been fined CNY7.12bn ($984m) by Chinese authorities, bringing to an end a regulatory revamp. The central bank, which has been leading the overhaul, ordered Ant to compensate users and halt operations at its Xianghubao service, in one of China’s largest-ever fines for an internet company.
Ant Group fined $985 million by Chinese regulators
Ant Group has been fined CNY7.12bn ($984m) by Chinese authorities, bringing to an end a regulatory revamp. The central bank, which has been leading the overhaul, ordered Ant to compensate users and halt operations at its Xianghubao service, in one of China’s largest-ever fines for an internet company.