BEIJING, July 7 (TMTPost) -- China’s financial regulator has imposed a lefty fine of 7.123 billion yuan (about 1 billion U.S. dollars) on Ant Group, the financial arm of e-commerce giant Alibaba for its violations of laws and regulations, according to an announcement made on Friday. The regulator said Ant Group and its subsidiaries have misconducted in corporate governance, consumer protection, participation in banking and insurance activities, the sale of funds, settlements and anti-money Laundering. Ant Group is required to close the “Huxiangbao” business and compensate the consumers whose interests were harmed. The regulator noted that platform-based financial services will be put under regular regulations, which means the end of the crackdown on Ant Group that started in 2021. The regulator has also handed out administrative penalties on the Postal Savings Bank of China (PSBC), Pingan Bank and other financial institutions for their problems.