@nnmware's solution is correct, but a little too complex/confusing. Below is a more succinct version that works just as well:
class DynamicBindingForm(forms.Form):
def __init__(self, *args, **kwargs):
super(DynamicBindingForm, self).__init__(*args, **kwargs)
self.fields['recipient'] = forms.ChoiceField(choices=db_lookup_choices())
where db_lookup_choices
is a call to some database or other set of dynamic data and returns a list of pairs for choices: [('val', 'Label'),('val2', 'Label2')]