public IRedirect FactoryStrategyRedirect()
{
  if (_PasswordExpired) {
    return _UpdatePasswordRedirectorFactory.Create();
  } else {
    return _DefaultRedirectorFactory.Create();
  }
}

This strategy factory method can be replaced with type binding and when clause:

Bind<IRedirect>.To<UpdatePasswordRedirector>.When(c=> c.kernel.get<SomeContext>().PasswordExpired()) 
Bind<IRedirect>.To<DefaultRedirector>.When(c=> not c.kernel.get<SomeContext>().PasswordExpired())

I wonder which of the two approaches is the more correct. What are the pros and cons.

Especially in the case in which the logic is more complex with more variables to test and more concrete classes to return.

is right to implement a business logic in the binding?