I cheated all the way to last stage of hard mode Over Zone on my test account and half way of challenge, no bans yet, I used damage multiplier, god mode, crit rate, infinite ammo to pass those stages fast, if it gives battle record error, turn off god mode, keep trying until you reach last stage, so far events seem to be safe since there is no ranking, I will see if my test account will still be safe after tomorrow's update, if it doesn't get banned, then my guess is right, they ban from story mode rankings, arena and raid bosses.
also don't DM anyone for cheats, this one works well, don't get scammed.