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From Wikipedia:

Formatted text, styled text, or rich text, as opposed to plain text, has styling information beyond the minimum of semantic elements: colours, styles (boldface, italic), sizes, and special features in HTML(such as hyperlinks).

Formatted text cannot rightly be identified with binary files or be distinct from ASCII text. This is because formatted text is not necessarily binary, it may be text-only, such as HTML, RTF or enriched text files, and it may be ASCII-only. Conversely, a plain text file may be non-ASCII (in an encoding such as Unicode UTF-8). Text-only formatted text is achieved by markup which too is textual, while some editors of formatted text like Microsoft Word save in a binary format.