Turkey's competition authority said on Wednesday that it had fined Facebook-parent Meta Platforms Inc 346.72 million lira ($18.63 million) for violating competition law.

In a statement, the Turkish Competition Board said it decided the company obstructed its competitors operating in social network services and online advertising markets as it merged data collected through Facebook, Instagram and WhatsApp.

The fine was imposed according to the 2021 annual income of the company, the authority said.