On one hand, I hate the idea of telling anyone that they're not allowed to participate. Many of this subset of the population are already prone to manic depression and self-harm tendencies.
But I do know that it isn't fair to force women to compete against biological males. They stand about a 1% chance of winning, at best. Even the Olympic standard of requiring the testosterone levels to be below a certain threshold doesn't remotely cover it. From the womb forward, males are exposed to testosterone that females simply aren't. Requiring them to be suppressed on competition day does nothing to eliminate the advantage. They will always have a massive, massive physical edge.
Maybe another division needs to be created. I don't know.