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-25001 Rebug 4.41.2 "Lite" 1tb iNt & 2tb eXT mM 4.40.00