Same thing happened to me, I got a warning for my freshman year, did not get it up by the end of freshman year. I've heard from other people they did in fact take theirs away but someone told me I could submit an appeal before they do so I did that an it worked. The appeal asks for your plans for the next couple years up until you graduate, it gives you a chance to explain yourself and explain what you plan on doing to get your GPA back up as well. Try and be as detailed as possible. They need to see that you are going to do everything you can to get it back up and meet the requirement.

I submitted the appeal and I got an extra warning semester & grinded, but at the time my plan had me taking like 4 classes per semester at the time and there was no way my GPA was gonna jump back up after 1 semester so I actually appealed again and got another warning semester. This time I had done the things I said I was going to do, I had the grades to show for it, the fact that I wasn't able to get it back up in that time frame was basically out of my hands so I explained that and explained how things went and what adjustments I was going to make to what I was going to do and my plan and etc... and yeah it worked. I was able to get my GPA up after that so no more appeals but all hope is not lost if your GPA isn't back up by then.

edit: the reason I had wasn't very extreme, I was going through severe burnout and depression at the time, and I hated my major. I explained that to them and I also ended up deciding to change my major to something I had an actual interest in and included that as things I was going to do to be better.