The ex-Birmingham City youngster was sent off in the 10th minute of added time at the end of the second period against Los Che, having protested to referee Gil Manzano over what the England international believed to be a winning goal for Carlo Ancelotti's side.
Bellingham headed a cross from Brahim Diaz into the back of the net, but the referee had already blown the full-time whistle, with the match finishing 2-2.
The Spanish Football Federation (RFEF) ruled that the summer arrival from Borussia Dortmund showed «contempt or disregard» towards Manzano, and he has now been hit with a two-game La Liga ban, which will rule him out of the upcoming games with Celta and Osasuna.
Bellingham is available for Wednesday's Champions League last-16 second leg with RB Leipzig, but he will not play again in La Liga until at least March 31, when Los Blancos host Athletic Bilbao.
Real Madrid head coach Ancelotti told reporters after the clash with Valencia: «I don't need to talk to Bellingham. He is a player who tries to give everything on the field.
»I think the red card was wrong. He was frustrated but he hasn't done any kind of insult."
Bellingham has been in outstanding form for Real Madrid during the 2023-24 campaign, scoring 20 goals and registering eight assists in 30 appearances in all competitions.
In La Liga, the Englishman has 16 goals and three assists in 22 appearances, making him the leading goalscorer in Spain's top flight at this stage of the campaign.
Real Madrid are chasing success in two separate competitions
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