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That is ridiculous to ban via CD code. For starters, is that legal!?!? To basically make a purchase worthless.... someone needs to read the license agreement I think that would raise some legality questions... although it is their servers but to do it game wide... *shakes head*. Cheaters CAN be rehabilitated like you said, and many only do it occasionally, not all the time. Also, many people will cheat when they are getting tired of the game, just don't really care anymore, or believe that other people are cheating. Too be honest, back when I played C&C Renegade, there were so many hackers that I too turned to hacks, and got banned from basically every renegade server known to man kind. Also, doesn't anyone realize that too make accurate anti-cheats or know what to look for, one has to use them? I have seen people, as in seen them using it in real life, use such things as panzer bot for TV, and the experience you gain in being able to recognize it by watching someone use it or using it yourself is invaluable in catching other cheaters. In short, a CD key ban is absolutely ridiculous, and I for one don't think cheaters should be banned right off the bat period, and I could cite other reasons and stuff but this post is really long enough already and I have an english essay to do and stuff so that just sums it up.
Read the "Terms and Conditions" section that you agree to before you install the game. I couldn't tell you what the TV terms are, but I would gander there's a section regarding hacks, cheats, "modifications", etc. that authorizes them to ban you if caught. As for individual servers, of course they can ban you - you are using their bandwidth, essentially treading on their property.