Format SD card on your desktop.
Copy and paste the .bin file to the newly formatted card.
With camera off, insert this sd card.
Turn cam on. Option to update firmware will be presented. (Yes/No)
Once firmware update is complete (it's quick) the camera will turn off.
REMOVE the SD card.
Insert a different clean SD card into the camera, or remove/format the first SD card again on your desktop.
Check all of your settings, as they will have been overwritten.
Is it possible the file extraction wasn't actually done or was done incorrectly? Sometimes this happens with MACs. Also, be sure just the .bin file is on the card. It needs to be on the root directory, not in any folder.