(Updates with Meta's response in the fourth and fifth paragraphs.)

Meta Platforms (META) has repeatedly failed to stop illegal ads for high-risk financial products on its platforms in the UK, Reuters reported Wednesday, citing a review by the country's financial regulator.

The Financial Conduct Authority found that 1,052 ads for currency trading and complex financial instruments ran on Meta platforms during a single week in November, the report said.

According to the report, many of the ads were run by advertisers that the authority had already warned Meta about.

Meta said in an email to MT Newswires that it removed 159 million scam ads and canceled 10.9 million accounts on Facebook and Instagram believed to be concocting scams.

"We aggressively fight fraud and scams globally and work closely with UK partners, including the FCA, to tackle this industry-wide problem, taking swift action on the vast majority of reports within days," a spokesperson said.

The Financial Conduct Authority did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)