$\binom{N}{2}=N(N-1)/2\approx N^2/2$. So $2^{\binom{N}{2}}=\exp(\binom{N}{2}\ln(2))\approx \exp(\frac{N^2}{2}\ln(2))$. Note that $N^2$ is in the exponent, not outside as you have written.
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Bumbble Comm
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It's not actually true, for the usual meaning of $\sim$:
Just use the definition!
$$\binom{N}{2} = \frac{N!}{2!(N-2)!} = \frac{N(N-1)}{2!} = \frac{N(N-1)}{2}$$
Now for $N\to\infty$ we can approximate $N(N-1) \approx N^2$ thence:
$$2^{\binom{N}{2}} \approx 2^{\frac{N^2}{2}}$$
Now we use the exponential representation, namely
$$a^b = e^{b\ln(a)}$$
And we get the desired result:
$$\large 2^{\frac{N^2}{2}} = e^{\frac{N^2}{2}\ln(2)}$$