> On the plus side, you do get a prize for suggesting it
Good catch! I actually use another command that generates binary output that I pipe to OpenSSL to convert to base64 but rather than type out the full command I thought 'what's the easiest way to get some binary data on stdout' and 'cat binaryfile' was it.
Pipes work fine with binary data, you just need to be piping to a tool that works with binary data rather than text e.g.
cat <somebinaryfile> | openssl base64