What is BEP2 in Binance?

Could you kindly explain to me, in simple terms, what BEP2 stands for in the context of Binance? I've heard it mentioned frequently in discussions about cryptocurrency, but I'm not entirely sure what its significance is or how it works within the Binance ecosystem. Could you elaborate on its features, functionality, and any specific advantages or disadvantages it may have compared to other token standards? Your insights would be greatly appreciated as I'm eager to broaden my understanding of this aspect of the crypto world.