The bricklayer triumphed in the first live show over the weekend, but was later revealed to have served half of a five-year sentence for an attack. ITV said that it had been aware of the jail term, but did not know that the victim had been Hageman's ex-girlfriend.
Following heavy criticism, detailed checks were made on the contestants due to compete in the remaining four episodes. The Guardian reports that this has resulted in two being withdrawn from separate editions.
One of the axed contestants is believed to have held a criminal record, while it is not known if or what crime had been committed by the second.
"ITV has reviewed the background checks on remaining contestants from Red or Black?" a spokesperson said. "As a result of this we have asked producers to remove two contestants from this week's shows. Red or Black? will continue on these two occasions with seven, rather than eight, contestants.
"Red or Black? is a co-production between ITV Studios and Syco for ITV Network and all parties are working closely and collaboratively together to ensure that the show continues its success."
Simon Cowell will reportedly address the controversy surrounding Hageman's win at a press conference on Thursday.
Ant & Dec continue to host Red or Black? live on ITV1 from 8pm tonight.
> Simon Cowell 'livid' as 'Red or Black?' millionaire Nathan Hageman gets to keep prize
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Watch Nathan Hageman win the £1m on Red or Black?: