Default Binding Behavior

We are creating an API that is stored in an assembly, let me have it MyAssembly.dll

This assembly has AssemblyVersion 1.0.0.0

I would expect that when releasing a new version of the assembly, the previous code compiled with a link to version 1.0.0.0 would be broken, as the assembly binding would fail (without any additional help such as bindRedirect).

In practice, I see that the binding is really successful.

I tested it by creating MyAssembly.dll with different versions and trying to run different code referencing 1.0.0.0

Is this the default behavior? Does EXACT version bind only from strong names of (signed) assemblies?

Thank.