Yeah windows format everything larger than 32GB as exFAT, so formatting your large card there the camera will ask to be allowed to format it again but to FAT 32 this time so it can work with it.
So just do whatever wit your new memory card if anything are needed to be dont at all - then format in camera to get right FAT system - put card in computer card reader and copy .bin firmware file to it, and then back in camera to do the update.
No matter what even if you format a larger card to fat 32 on the computer, then i would still recommend to do a in camera format too after that,,,,,, but i am unsure if the camera ask to be allowed to do that if you have made the memory card FAT 32 on the PC,,,,, cuz you can do that with some software, just windows on its own it will do exFAT on the larger cards like it or not.