British company Cambridge Analytica, which is at the center of a Facebook scandal, has announced that it has begun insolvency proceedings and "stops all its operations immediately," says Bgnes.

"Cambridge Analytica and SCL have begun a bankruptcy procedure in the UK," the company said in a statement released on its website. The company's bankruptcy procedure will soon be launched in the United States.

The company was accused of collecting and using personal data without the permission of 90 million Facebook users. The British company then worked for the current US presidential election campaign, Donald Trump.

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