Binance Smart Chain was designed to be compatible with the Ethereum Virtual Machine (EVM), and as such BEP20 tokens would have increased versatility when interacting with the growing number of DApps across the chain.
Another key benefit of BEP20 is the gas fees, which is significantly cheaper in comparison to Ethereum. An average transaction using BEP20 tokens would likely cost no more than a few cents. In comparison, the average ERC20 token transfer gas fee was slightly over $100USD at the start of 2022.
BEP20 transactions are also much faster when compared to ERC20 transactions. Though individual transaction speeds may vary depending on various factors, the average block verification times on BSC are 3 seconds, and close to 15 seconds for Ethereum (1.0)