https://en.wiktionary.org/wiki/suspended
suspended = Caused to stop for a while; interrupted or delayed.
https://en.wiktionary.org/wiki/banned
banned = Forbidden; not allowed.
https://en.wiktionary.org/wiki/oxymoron
oxymoron = A figure of speech in which two words or phrases with opposing meanings are used together intentionally for effect.
https://en.wiktionary.org/wiki/tautology
tautology = Redundant use of words
And I would suggest '[permanent] suspension' may have connotations of a statement about reversibility. 'We have the ability to reverse this action [but we intend not to exercise that ability, ever].'
With a physical location, "banned" sometimes implies they've been declared a persona non grata, and the police will be called if they return. Clearly that doesn't apply to an online platform.
I can't really see this being a big deal, Bannon's got enough wealth to make his own website.
If you suspended someone and then said 'we're making your suspension permanent', it sounds like a 'cute'/think-you're-on-a-soap-opera way of saying 'you're now fired/expelled(/as applicable)'. Suspensions end. Even a suspension bridge for example is alluding to some temporal aspect, the natural outcome (gravity having its way) would be different.
Whatever form that innovation takes, I wonder if it will ultimately be the new standard and we'll all ultimately be on it and be facing the same problem again.
"On November 5, 2020, Twitter permanently suspended Bannon after he called for Dr Anthony Fauci to be beheaded in an episode."
It's good they finally pulled the trigger, but considering that Steven Bannon has been constantly putting oil to the fire on every single channel available, that point was very certainly much earlier.