The EFL imposed the embargo on the Clarets in March.
After submitting their audited financial statements at the end of April, Burnley got their transfer ban lifted.
The team was placed under an embargo by the EFL in March, and they blamed the delay in submitting their financial statements on a switch in auditors.
Since the issue has been settled, the Clarets can now focus on bolstering their team this summer in preparation for their return to the Premier League when the transfer window reopens.
"We are happy to share with you that, at the end of April, Burnley Football Club filed the necessary audited accounts with Company House and also sent copies to the EFL," read a statement on the club website.
"With immediate effect, the club's interim transfer embargo has now been lifted, allowing us to proceed.
Burnley Football Club is now on even stronger and more stable financial ground thanks to the delay, which was only necessary to implement improvements to the way we do our accounts.
"We hope you can join us on the streets of Burnley on Tuesday for The Champions' Parade. We look forward to celebrating our Championship title with you all on Monday at the final game of the season at Turf Moor."
In response to the news, manager Vincent Kompany stated on lancs.live: "I think it just verified what we said a few months ago.
It was a mistake in administration, and I believe the club accepted responsibility for it. However, there was a pretty straightforward explanation for what occurred, and everything are back to normal now.
The situation has now been resolved, meaning the Clarets will be free to strengthen their squad this summer ahead of their return to the Premier League when the transfer window reopens.
A statement on the club website read: “We are happy to share with you that, at the end of April, Burnley Football Club filed the necessary audited accounts with Company House and also sent copies to the EFL.
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