Yes, you can ban up to 5 countries and/or US states. Please note that banning a US state counts as one country. For example, if you ban Bulgaria, Greece, Turkey, Slovakia and the state of Texas, you have reached the maximum number of 5 countries and/or states.
You can select 5 countries and/or US states for both free users (guests and basic users without purchase) and 5 countries and/or US states for paying users (those who have purchased tokens at least once).
Please use the country/state ban with extra care and you might lose a significant amount of potential customers if you ban too many countries or you ban countries from where there are a high number of paying Users (e.g. UK, France)