Fisa took the decision after the Andrea Moda team's owner, Antonio Sassetti, was arrested at the Spa-Francorchamps track in Belgium two weeks ago and charged with alleged fraud.
The decision takes immediate effect and both McCarthy, and his Brazilian team-mate, Roberto Moreno, are excluded from Sunday's Italian Grand Prix.
McCarthy said: 'Given the problems I've endured with this team, it makes very little difference to me. I fully appreciate and understand Fisa's standpoint, but as for me, as always, the fight to reach the top in Formula One goes on.'
McCarthy is in his first season with the Italian team, but will now be seeking major sponsorship to stay in the sport.Reuse content