What are the benefits/differences in using "IP & MAC Binding" vs DHCP?

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Edit:

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Looking a little further in the forums and managment UI, it appears that "IP & MAC Binding" is a security option and is more closely related to Access Control / MAC filtering (I think).

Therefore, the question should be what are the benefits/differences in using IP & MAC Binding vs Access Control/MAC Filtering (Whitelisting) or should they be used in conjunction with each other?

Thanks,

Eric