Cunha was charged by the Football Association and later admitted to the offense.
An independent commission has suspended the Brazilian for Wolves' next two matches and handed out an £80,000 ($100,000) fine.
The FA said written reasons for the commission's sanctioning decision would be published in due course.
The 25-year-old will miss Wolves' Premier League game with Nottingham Forest on Monday and the FA Cup third round trip to Bristol City.
Cunha has arguably been Wolves' standout player, with 10 goals in 19 league games this season.
His absence will be a big blow to Wolves, who are just one place and one point above the relegation zone.
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The defeat at Ipswich marked the end of the road for boss Gary O'Neil, who was dismissed and replaced by Portuguese boss Vitor Pereira.
(Except for the headline, this story has not been edited by staff and is published from a syndicated feed.)