The radial contraction-expansion motion paradigm is a novel steady-state visual evoked experimental paradigm, and the electroencephalography (EEG) evoked potential is different from the traditional luminance modulation paradigm. The signal energy is concentrated chiefly in the fundamental frequency, while the higher harmonic power is lower. Therefore, the conventional steady-state visual evoked potential recognition algorithms optimizing multiple harmonic response components, such as the extended canonical correlation analysis (eCCA) and task-related component analysis (TRCA) algorithm, have poor recognition performance under the radial contraction-expansion motion paradigm. This paper proposes an extended binary subband canonical correlation analysis (eBSCCA) algorithm for the radial contraction-expansion motion paradigm. For the radial contraction-expansion motion paradigm, binary subband filtering was used to optimize the weighting coefficients of different frequency response signals, thereby improving the recognition performance of EEG signals. The results of offline experiments involving 13 subjects showed that the eBSCCA algorithm exhibits a better performance than the eCCA and TRCA algorithms under the stimulation of the radial contraction-expansion motion paradigm. In the online experiment, the average recognition accuracy of 13 subjects was 88.68% ± 6.33%, and the average information transmission rate (ITR) was 158.77 ± 43.67 bits/min, which proved that the algorithm had good recognition effect signals evoked by the radial contraction-expansion motion paradigm.