Of course the law is still binding...As Born Again Christians though, Jesus gave us an easy way to fulfill all the law.
Matt 22 Jesus said unto him, Thou shalt love the Lord thy God with all thy heart, and with all thy soul, and with all thy mind.
38 This is the first and great commandment.
39 And the second is like unto it, Thou shalt love thy neighbour as thyself.
40 On these two commandments hang all the law and the prophets.
The entire law is based on these two laws that Jesus gave us...Keep these two laws, and you keep all the OT law. Simple hey?