ip bans are incredibly easy to circumvent as well. Most large companies don't do local ip bans, just general ip bans for a whole country because they're not licensed to sell their game there.
If Graal ever became huge, ip bans would have to be removed. Imagine if WoW started ip banning people, people at dorms/apartment wifi would be pissed.
bans should be account based.
If someone did something bad enough to deserve an ip ban chances are they know how to circumvent it using a method like a proxy or calling their isp to change their ip. heck I even heard just restarting your modem gives you a new ip.