Yes, you can. Vacation time isn't required by law, but rather a perk granted to employees by their company. Because offering vacation time is optional, employers can choose when employees can take that time.
Blackout Periods Explained
Vacation blackout periods are specific times when employees aren't allowed to take vacation time. There may be particularly busy times for employers where all hands are needed on deck, like Black Friday, Christmas, or certain Quarters. Employers would black out those days, weeks or months and prohibit vacation requests then.
Since vacation time isn't covered by law, you can enact your own policy about when time can be taken. Be sure to communicate blackout periods well in advance so your employees can plan their vacations accordingly.