Given how laws and American rights have been established to work. Yes, absolutely. They just need a legally acceptable reason to do so separate from the speech. Banning a platform because of speech they don't want isn't allowed, but banning a platform for other reasons is, even if that platform also happens to facilitate speech.

Like with tik tok, the ban itself isn't a speech issue because there's nothing bytedance can change about it's communication to not be banned, it's an ownership problem.