The Brooklyn Nets suspended Irving after he was accused of anti-Semitic behavior.
The star was banned for five games after he defended his decision to post a link to a documentary.
Irving apologized for the hurt and pain he had caused.
He said he was learning from the event.
Nets owner Joe Tsai and the NBA condemned the seven-time NBA All-Star after he linked to a film that was anti-Semitic.
In response to the outcry, Irving and the Nets said the 30-year-old took "responsibility" for the "negative impact" his post had towards the Jewish community.
The club and Irving said they would work with the Anti-Defamation League, a non-profit organisation that fights all forms of anti-Semitic and bias, to develop education in the community.
Irving refused to condemn the film and its message when asked if he held any anti-Semitic beliefs. He said that he respected all walks of life. All walks of life are embraced by me. I sit that way.
Irving said he couldn't be anti-Semitic if he knew where he came from.
The club issued a strongly worded statement, banning Irving and saying they were "dismayed" that the player wouldn't say he has no anti-Semitic beliefs.
The statement said that the failure to disavow anti-Semitism when given a clear opportunity is against the values of the organization. We are of the opinion that he is not a good fit for the Brooklyn Nets.
He will be suspended until he completes some "remedial measures" and misses at least five games.
Irving said in his statement that he had overreacted to being unfairly labelled anti-Semitic, instead of focusing on the healing process of his Jewish Brothers and Sisters.
He said he had no intention of disrespecting the Jewish cultural history regarding the Holocaust.
The Anti-Defamation league said it wouldn't accept Irving's donation because he felt no accountability for his actions.
Several messages of support were posted on the site by the rapper, who was banned from the site for his own use of anti-Semitic rhetoric.
Irving has been involved in controversy in the past. He didn't take a Covid-19 vaccine and played just 29 games for the Nets.
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