The .bin refers to "binary" as in Binary Code. This is a program that has been compiled and can be "executed" or run by the computer. Although, it has to be the compiled for the architecture your using. Most desktops and laptops use a x86 variety, for portable devices ARM is common.
Often a binary file will need supporting files, for example libraries and frameworks.
Clicking on a binary in a filer window will run it. If nothing happens it can be instructive to run it in the terminal. Open a terminal in the same directory, and type:
Where <name> is the .bin for example....
If something necessary is missing from your system, the error messages in the terminal will tell you what, and where it goes....