This error indicates that your bindingInformation for the site is not in the correct format.
The value for bindingInformation consists of three parts.
ip:port:host
Here are some formats of bindings and their result:
<!-- Configures the site with a hostname of "www.test.com" on port 80 for the IP address of 192.168.1.10. -->
<binding protocol="http" bindingInformation="192.168.1.10:80:www.test.com" />
<!-- Configures the site with a hostname of "localhost" on port 80 for the IP address of 192.168.1.10. -->
<binding protocol="http" bindingInformation="192.168.1.10:80:localhost" />
<!-- Configures the site without a hostname and IP address on port 80. You'd use this setting to make your site directly accessible via any address that the system has, including the localhost address at 127.0.0.1, as well as any and all configured IP addresses. -->
<binding protocol="http" bindingInformation=":80:" />
<binding protocol="https" bindingInformation="*:443:" />
<!-- Configures HTTPS bindings for all IP addresses over port 443. -->
With all the above bindings, you can set the protocol to https to make your site accessible only through SSL.