Does belly binding post birth have any benefits, like reducing waist circumference. are there risks are associated with it that may outweigh benefits?

Consider alternative: Childbirth stretches out the belly muscles to accommodate the growing fetus. To un-stretch those muscles you need to tone them up with targeted exercise. Crunches are the name given to the primary exercise that tones these muscles. There is a passive method some find helpful. Slendertone & similar products use battery power to provide abdominal muscle stimulation sessions while you work.