Following Brexit, the U.K.’s competition watchdog is staking its place in the Big Tech backlash

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The U.K.'s competition watchdog doesn't just have GIFs on its mind.The Competition and Markets Authority's probe into Facebook'sacquisition of Giphy is the regulator's latest move as it takes on a more high-profile role in regulating Big Tech.In April, the authority created a new division within its ranks called the Digital Markets Unit, established to direct more resources into policing competition in the U.K.'s digital market.One of its first ports of call will be creating new codes of conduct for major players like Facebook, Google and Amazon.The CMA has featured in many headlines over the last year. In recent weeks, it put the kibosh on themerger between Seedrs and Crowdcube, two of the U.K.'s largest equity crowdfunding platforms.It probed Amazon's investment in Deliveroo, holding up the funding for months to assess its impact on food delivery in the U.K. It ultimately approved the deal.The new digital unit appears to be a logical step for the watchdog as it prepares to more...