The Scottish Football Association, which imposed the punishment, also fined the Ibrox club £160,000 after a tribunal found it guilty of bringing the game into disrepute after being declared insolvent.
Administrators Duff & Phelps said it was "utterly shocked and dismayed" at the "draconian" punishment, which includes a 12-month freeze on buying any new players.
Whyte reacted with defiance when asked for his response to the penalties imposed in the wake of the Ibrox crisis and said: "Good luck collecting the money."
He added: "Tell me how it is going to affect me? I couldn't care less.
It makes no difference to my life whatsoever. It's a joke."
He continued: "It is very harsh on Rangers. I am surprised at how harsh the SFA have been on a club which is going through tough times at the moment.
"Stewart Regan [SFA chief executive] and Campbell Ogilvie [president] should resign and get out of Scottish football. The SFA want to kick Rangers when they are down, and I hope people remember that. They are playing to the media."
Paul Clark, joint administrator, said that the ban on buying new players would "seriously undermine" the efforts to rebuild the business.
Mr Clark said: "It appears that on one hand the disciplinary panel accepted our central argument that responsibility for bringing the club into disrepute lay with the actions of one individual – Craig Whyte – as is evident from the unprecedented punishment meted out to him."
He added: "During this hearing, the club produced compelling evidence from a number of sources that, following his takeover, Craig Whyte ran the club in a thoroughly unaccountable manner, rather than adhering to a long-established and proper form of corporate governance."
Earlier, Whyte had issued a series of demands in return for his Rangers shares that could scupper the Blue Knights' bid to buy the club.
He said he would relinquish 60% of the club – but wants to retain 25% for himself.