United Kingdom, July 20 -- Chinese e-commerce giant AliExpress has been handed a record €550 million (£467 million) fine by the European Union (EU) after regulators found it had failed to stop illegal and unsafe products being sold on its platform.

The penalty, imposed by the European Commission, is the largest issued under the bloc's Digital Services Act, which requires major online platforms to tackle illegal content and products more effectively.

Following a two-year investigation, the Commission concluded that AliExpress had not fulfilled its legal obligation to "diligently assess" the risks posed by counterfeit, unsafe and prohibited goods sold through its marketplace.

EU technology chief Henna Virkkunen said: "The spre...