He is also asked to pay back 2.95 million euros, almost $4 million, which he collected from the tours he won.
The epic downfall of cycling's star, once an idolized icon of millions around the globe, stands out in the history of professional sports.
His latest and biggest downfall came Monday when the International Cycling Union stripped the 41-year-old of his seven Tour de France titles.
The decision followed this month's finding by the U.S. Anti-Doping Agency that there is "overwhelming" evidence Armstrong was involved as a professional cyclist in "the most sophisticated, professionalized and successful doping program." Armstrong has steadfastly maintained his innocence.
McQuaid also said he was "sickened" by the report.
But he emphasized, "Cycling has a future."
In a statement, the union wrote, "Today's young riders do not deserve to be branded or tarnished by the past or to pay the price for the Armstrong era."
The group, which officially goes by its French name Union Cycliste Internationale, or UCI, is the cycling's world governing body.
ChiboyChuks Opinion: I believe he has been giving the right judgement... #Good Justice Must Prevail