Can will miss the next two Premier League games against Stoke City and Bournemouth.
In the Premier League if a player receives 10 yellow cards between the first day of the season and the second Sunday in April they will be suspended for two games.
The 22-year-old has yet to be shown a red card this season but has been punished due to an accumulation of yellow cards.
Joe Allen or Lucas Leiva will be expected to fill in for Can who has established himself as a key first team player in the Reds midfield under the stewardship of Jurgen Klopp.
Liverpool are currently 9th in the league table on 45 points nine points behind fourth placed Manchester City.