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Ban-Rays. Ray-BANNED could be read to mean that you've been banned by Ray-Ban IMO, the opposite of what's happening.

Ray-Banned is a good pun, but might bring you legal trouble. I’d go with Ban-Rays

But you’d agree Ray-Banned is better

Only because I’m a pun addict. Don’t take my biased opinion on board.

the former

I think Ray-BANNED is the better name, by far.