Keys open gates. The key in Matthew 16 is the key to salvation. Binding and loosing refers to legislation, given first Peter but then the apostles also, and no you were not told to bind and loose, unless you are a bishop and heir of the Apostles, who were given the authority directly.
19 And I will give you the keys of the kingdom of heaven, and whatever you bind on earth will be bound in heaven, and whatever you loose on earth will be loosed[d] in heaven.”
Wrong, keys bind and loose in heaven. This is true in chapter 16 and 18.
The problem with this interpretation is it is inconsistent with how the Apostles, acting as missionaries, helped in setting up churches. James, the brother of Jesus, is the only Apostle we see acting as a Bishop residing in Jerusalem exclusively and even then decisions were made in a congregational/collegial manner.
Acts 15:6 "Now the apostles and elders came together to consider the matter."