The Turkish Competition Authority fined online accommodation and booking website Booking.com B.V. 2.54 million Turkish liras (over 650,000 USD) on Wednesday as part of their ongoing investigation into the company's "best price guarantee" practice.

The Competition Authority had previously decided that the pricing and quota rate terms, and the terms of the best price practices of Booking.com's agreements with accommodation facilities were restricting competition.

According to the related clauses of the "Regulation on fines to apply in cases of agreements, concerted practices and decisions limiting competition, and abuse of dominant position", the authority decided on an administrative fine based on Booking.com's identified gross income at the end of the 2015 financial year, an announcement on the official website of the Competition Authority said.

Meanwhile, Booking.com's supporting services company operating in Turkey did not receive any administrative fines.