Remotely Password protected excel

Hi Experts, 

i wish to have an excel sheet that would be password protected, it should enable specific users to work on it freely, however if an when required should prevent the specific user from opening the excel even if it was downloaded 

My User requirements are

• Excel workbook that have Macro / Power query sourced from Azure / SQL / Web
• User has edit permissions
• From time to time I need the capability to prevent the user from opening the excel
• Excel file is password protected & encrypted

My implementation thoughts (sorted per my preference 1st is best approach)

• Excel offline 
• Excel Online 
• Excel offline / online 3rd Party tools that support such requirements
• develop another layer to the Excel Open password where the 'Code' would hold the Actual master password and the user authentication would be done confronting a remote server

thanks