There is evidence that chest binding has a statistically significant impact on lung function.

There is evidence that chest binding has a statistically significant impact on lung function. Expand
There is evidence that chest binding has a statistically significant impact on lung function.

A study [1] found that:

Transgender individuals using chest binders have abnormal lung function. The acute effect of wearing the binder appears to be an overall volume reduction with little other change.

REFERENCES

[1] Cumming, R., Sylvester, K. & Fuld, J.P. (2016). Understanding the effects on lung function of chest binder use in the transgender population. Thorax 71. [Link]