The decision was taken following a meeting of an SPL board sub-committee today after the Edinburgh club admitted to late payments for coaching staff and players for a second consecutive month.
Hearts claim all outstanding wages from October have now been paid but have been hit with a ban on signing any players for 60 days.
The hearing — after six players and manager John McGlynn were paid a week late — was the second in three days into the wage delays at Hearts.
The club were “reprimanded and warned” by an SPL board sub-committee on Monday after paying some players and McGlynn late in September, while an automatic transfer embargo was continued.