The 30-year-old's suspension from all football-related activity is effective immediately and runs up to and including 28 February, 2021.
Trippier denied seven alleged breaches of FA Rule E8(1)(b) in July 2019, but four of those were found proven by the FA and he is now facing a lengthy ban.
He will miss at least 14 games for LaLiga leader Atletico, including the first leg of its UEFA Champions League Round of 16 tie against Chelsea.
Trippier will be back in contention by the time Atleti hosts Real Madrid in El Derbi on 8 March (AEDT).
An FA statement on Wednesday read: "Kieran Trippier has been suspended for 10 weeks and fined £70,000 following misconduct in relation to breaches of The FA's Betting Rules.
"The Atletico Madrid defender denied seven alleged breaches of FA Rule E8(1)(b), which were said to occur during July 2019, and requested a personal hearing.
"An independent Regulatory Commission was appointed to hear the case, with four of the alleged breaches found proven and three dismissed during a subsequent personal hearing.
"The independent Regulatory Commission's written reasons for its decisions and the associated sanction will be published in due course.
"The suspension, which includes all football and football-related activity, is effective worldwide from today (Wednesday 23 December 2020) following an application to FIFA."
Rule E8(1)(a) states: "A participant shall not bet, either directly or indirectly, or instruct, permit, cause or enable any person to bet on – (i) the result, progress, conduct or any other aspect of, or occurrence in or in connection with, a football match or competition; or (ii) any other matter concerning or related to football anywhere in the world, including, for example and without limitation, the transfer of players, employment of managers, team selection or disciplinary matters."
Rule E8(1)(b) stipulates: "Where a participant provides to any other person any information relating to football which the participant has obtained by virtue of his or her position within the game and which is not publicly available at that time, the participant shall be in breach of this rule where any of that information is used by that other person for, or in relation to, betting."
Trippier, who joined Atleti from Tottenham Hotspur in July 2019 on a three-year deal for a reported fee of $33 million, is able to appeal against the FA's decision.
The right-back has featured 19 times for Atletico in all competitions this season, including the full 90 minutes of Wednesday's (AEDT) 2-0 win over Real Sociedad.
He captained England for the first time in its friendly win over Wales in October and started five of the Three Lions' six UEFA Nations League matches, only missing the clash with Denmark in October to attend an FA hearing relating to the offences.
Trippier displayed his versatility when fielded as a left wing-back by Gareth Southgate, something that could prove handy in terms of securing a place in England's squad for the rescheduled UEFA Euro 2020 in June.
Kyle Walker, Trent Alexander-Arnold and Reece James have all featured in recent squads and are likely to enjoy plenty of top-level club action during their countryman's pending absence.