Chelsea have released a statement expressing their disappointment towards their transfer ban, adding that they intent to appeal the decision.
FIFA revealed that they found Chelsea to have breached regulations concerning the signing of 29 young players, opting to punish the Blues with a transfer ban for the next two transfer windows.
The statement reads: "Chelsea FC has today received a decision from the FIFA Disciplinary Committee concerning alleged breaches of the FIFA Regulations that relate to the international transfer of players under the age of 18.
"The decision imposes a transfer ban of two consecutive registration periods and a fine of 600k Swiss francs. Chelsea FC categorically refutes the findings of the FIFA Disciplinary Committee and will therefore be appealing the decision.
"The club wishes to emphasise that it respects the important work undertaken by FIFA in relation to the protection of minors and has fully cooperated with FIFA throughout its investigation.
"Initially, Chelsea FC was charged under Articles 19.1 and 19.3 in relation to 92 players. We welcome the fact that FIFA has accepted that there was no breach in relation to 63 of these players, but the club is extremely disappointed that FIFA has not accepted the club’s submissions in relation to the remaining 29 players.
"Chelsea FC acted in accordance with the relevant regulations and will shortly be submitting its appeal to FIFA."
FIFA also issued a fine of £390,000 to the Football Association for their involvement in the deals in question, and have been warned that they must improve their conduct in the next six months, or risk further sanctions.
According to The Independent, the FA intend to appeal their sanction as they are concerned by FIFA's disciplinary process.
A statement from the FA added: "We will however continue to work with FIFA and Chelsea in a constructive manner to address the issues which are raised by this case."