The decision by the disciplinary committee is effective immediately, the body said in a statement, though the club has five days to appeal.
The SFL cited Xamax's failure to submit required financial documents which it said meant the club had not met the conditions of the licence.
It also referred to ongoing proceedings relating to "allegations of forgery" of a Bank of America certificate.
Swiss prosecutors are investigating the club's owner, Chechen businessman Bulat Chagaev, amid reports he allegedly submitted a falsified bank document to prove his solvency during a bankruptcy trial.
Last month the SFL docked Xamax four points for breaches of licensing rules and reported the club to its disciplinary committee.
In November it imposed a fine of 20,000 Swiss francs for failing to provide "information and financial documents" following Chagaev's takeover.