Is there any way we can restrict users from creating another site using their managed account?
Yes, you can use automatic product discovery
https://www.atlassian.com/software/access/guide/automatic-product-discovery#why-does-automatic-product-discovery-matter
Just to add to @Ignacio Vera answer, product discovery will not prevent a managed account from creating a new site, but as a site admin you will be notified when that happen and can take the appropriate steps.
Thanks guys.
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