When Ixalan's Binding enters the battlefield, exile target nonland permanent an opponent controls until Ixalan's Binding leaves the battlefield.
Your opponents can't cast spells with the same name as the exiled card.
There are many important moments in the story, but the most crucialâ€”called â€œstory spotlightsâ€â€”are shown on cards. These cards have the Planeswalker symbol in their text box; this symbol has no effect on gameplay. You can read more about these events in the official Magic fiction at http://www.mtgstory.com.
The exiled card returns to the battlefield immediately after Ixalanâ€™s Binding leaves the battlefield. Nothing happens between the two events, including state-based actions.
In a multiplayer game, if Ixalanâ€™s Bindingâ€™s owner leaves the game and another player owns the exiled card, the exiled card will return to the battlefield under its ownerâ€™s control. Because the one-shot effect that returns the card isnâ€™t an ability that goes on the stack, it wonâ€™t cease to exist along with the leaving playerâ€™s spells and abilities on the stack.
If there is no exiled card (perhaps because the exiled permanent was a token or was a commander that moved to the command zone in the Commander variant), Ixalanâ€™s Binding wonâ€™t stop players from casting spells.
If the exiled card is a land card thatâ€™s become a nonland permanent, Ixalanâ€™s Binding wonâ€™t stop players from playing lands with that name.
If the exiled card has a different name in exile than it did on the battlefield, Ixalanâ€™s Binding stops players from casting spells with the name of that card as it exists in exile.
If Ixalanâ€™s Binding leaves the battlefield before its triggered ability resolves, the target permanent wonâ€™t be exiled.
If a token is exiled this way, it will cease to exist and wonâ€™t return to the battlefield.
Auras attached to the exiled permanent will be put into their ownersâ€™ graveyards. Any Equipment will become unattached and remain on the battlefield. Any counters on the exiled permanent will cease to exist.