Can specialty eyeglasses be made with magnification for distance that work similar to binoculars?

Yes. There are such devices made for people with low vision. They can help people to drive and watch television but are not practical for most patients as they limit field of view.
Not really. If you are looking for a pair of eye glasses that can double as a pair of binoculars, that will not work well. Binoculars are a multi-lens system and therefore would be too bulky to be plausible.