Yea bin images are CD format. You would need to convert the image to a DVD format as the way the exploit works it takes advantage of a flaw in the DVD player of the PS2. All patching an image is really is just adding a VIDEO_TS and AUDIO_TS folder to the structure of the disc to trick the PS2 into thinking it is a DVD and then the exploit kicks in after seeing the two folders. There are tons of guides to do this and also pre-mastered images if you look around.
PS3 CECH-2501A [CFW] & CECH-3001 [OFW]/ PS2 SCPH-3901 & SCPH-7501/ PS1 SCPH-5501
Mod Cobra 4.46 v7.00 w/ E3 Flasher [CFW] & Cobra ODE 4.50 [OFW]/ Mod HDD-OSD [Phat] & Modbo 4.0 [Slim]/ Mod MM3
HDD 1tb [CFW] & 640gb [OFW]/ HDD 640gb & OPL v0.92 w/ 1.5tb SMB