Iris has been found to be unique and consistent over time despite its random nature. Unprotected biometric (iris) template raises concerns in security and privacy, as numerous large-scale iris recognition projects have been deployed worldwide—for instance, susceptibility to attacks, cumbersome renewability, and cross-matching. Template protection schemes from biometric cryptosystems and cancelable biometrics are expected to restore the confidence in biometrics regarding data privacy, given the great advancement in recent years. However, a majority of the biometric template protection schemes have uncertainties in guaranteeing criteria such as unlinkability, irreversibility, and revocability, while maintaining significant performance. Fuzzy commitment, a theoretically secure biometric key binding scheme, is vulnerable due to the inherent dependency of the biometric features and its reliance on error correction code (ECC). In this paper, an alignment-free and cancelable iris key binding scheme without ECC is proposed. The proposed system protects the binary biometric data, i.e., IrisCodes, from security and privacy attacks through a strong and size varying non-invertible cancelable transform. The proposed scheme provides flexibility in system storage and authentication speed via controllable hashed code length. We also proposed a fast key regeneration without either re-enrollment or constant storage of seeds. The experimental results and security analysis show the validity of the proposed scheme.