is a rich-text editor, and not a code editor and format providers are implemented in order to serialize/deserialize valid content to/from the supported by the control formats. At this point we are not considering implementing syntax highlighting as this is not really a case we target to support out of the box.
However, RadRichTextBox is highly extensible, so if you wish to implement syntax highlighting, you can look through the previously referenced demo
for guidelines. Since you prefer the solution to be implemented with data-binding, you can try creating your own format provider which will take care of your custom requirements. However, you should test the performance of the control to see if it fits your requirements, as run-time syntax-highlighting may take its toll.
Please let us know if you need additional assistance.