Coleraine have terminated Aaron Canning's contract after he was given a Sexual Offences Prevention Order.
The defender was sentenced to 18 months probation and ordered to comply with a seven-year Sexual Offences Prevention Order, after pleading guilty to exposing himself in October last year.
"Aaron Canning has been found in breach of the Coleraine FC Code Of Conduct," said the club on Monday.
"The player accepts and is in full agreement with the decision."
The 23-year-old appeared before North Antrim Magistrates Court on 18 September.
Coleraine announced on Friday that "as a club there is no way we can condone behaviour like this.
"At present the board are working with the player, his family and legal representatives to deal with the matter internally, via the club's disciplinary procedure.
"The club recognises this is a very serious issue and is mindful of the sensitivities involved, particularly those of the victim."
Canning was subsequently left out of the Coleraine team which defeated Portadown 2-1 on Saturday.