Yan beat Scotland's John Higgins (47) 10-8 last year to become the youngest Masters champion in 26 years.
"WPBSA Chairman Jason Ferguson has taken the decision to suspend Yan Bingtao from attending or competing on the World Snooker Tour with immediate effect," WPBSA, which governs professional snooker, said in a statement.
"This decision is part of an ongoing investigation into allegations of manipulating the outcome of matches for betting purposes in breach of the WPBSA Conduct Regulations."
Yan, who was scheduled to compete in the English Open in Brentwood on Monday, has the right to appeal.
The WPBSA last week suspended five Chinese players - Lu Ning (28), Li Hang (32), Zhao Jianbo (19), Bai Langning (20) and Chang Bingyu (20) - as part of the match-fixing investigation.
Their compatriot Liang Wenbo (35) was suspended in October pending the results of a misconduct investigation.
