(Expanding on the solution from oldmankit over at Ubuntu Forums)
- Install bchunk and flac:
sudo apt install bchunk flac
- Use bchunk to convert the .bin to WAV files:
bchunk -w image.bin image.cue track
- Use flac to compress the WAV files:
for f in track*.wav; do flac $f; done
Naming and tagging the FLAC files is subject for another question, but cuetools (particularly the cueprint command) may be of help there.