Major industrial employers in the area include three potash mines nearby in Saskatchewan (Nutrien in Rocanville, and Mosaic K1 in Esterhazy and K2 in Gerald) and a canola crushing plant (Bunge) at Harrowby Manitoba.

The community was originally formed around a stock farm established by the Scottish Ontario and Manitoba Land Company some three miles northwest of the current townsite.

In 1964, Binscarth residents narrowly defeated (by ten votes) a proposal to rename itself Seekaywye, after the Winnipeg radio station CKY.

For many years, the radio frequency of CKY 580 was remembered in local business names the 580 Hotel and 580 Plumbing and Heating.

[1] The Binscarth & District Gordon Orr Memorial Museum has a large collection of Native artifacts.