Hmm come to think of it, both oil and wax work by penetrating into the pores of the wood. I've used both on a mahogany boomerang, wad happens is that the oil catalyses into a thin resin similar to lacquer while the wax simply remains as wax.
PinkSpId3r after rereading this thread, for your needs I don't think you should use either wax or oil. Maple itself is not very porous hence oil or wax will not work that effectively on it. Besides, if the neck is already finished with lacquer, the wax and oil will not be able to penetrate at all. They will just be sitting on top and once you start to play, your hands essentially rub them off again.
It is a fact that oil and wax finishes are less durable than lacquer, and if the lacquer starts to wear off, oil and wax finishes will be even more so provided they even penetrate into the wood in the first place.
So the best alternative is to just apply more layers of lacquer onto the binding. This will be tricky though.
I'm assuming your binding is finished with lacquer in the first place so take my words with a pinch of salt!
Oh btw guys, many american branded products that you read on the internet can actually be found in Singapore, at either HomeFix outlets or Handyman at Orchard, which I personally feel to be the best DIY shop locally. It carries literally EVERYTHING and the storeowners can be considered to be professional DIY-ers themselves. They always offer awesome advice.
My $0.02 =)