The manager was dismissed following comments to the referee after the full-time whistle of a 2-2 draw.
The Premier League had previously announced his two-match ban before any reviews were completed but quickly deleted the post on their website.
In a statement, the FA confirmed that "it was alleged that the Liverpool head coach acted in an improper manner and/or used insulting and/or abusive words and/or behaviour towards both the match referee and an assistant referee after the match had finished.
"Arne Slot admitted the charge, and the Regulatory Commission imposed a two-match touchline suspension and £70,000 fine."
Slot is due to miss Liverpool's next two Premier League matches against Newcastle on Wednesday, February 26th and Southampton on Saturday, March 8th.
Liverpool will also be without assistant Sipke Hulshoff who will also serve a two-match ban - Dutchman Johnny Heitinga is due to take charge of their fixture against Newcastle.
Both Merseyside clubs have been fined following the match with the Reds handed a £65,000 fine while the Toffees were charged £50,000.