(Expanding on the solution from oldmankit over at Ubuntu Forums)

1. Install bchunk and flac:

   sudo apt install bchunk flac
   

2. Use bchunk to convert the .bin to WAV files:

   bchunk -w image.bin image.cue track
   

3. 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.