If you’re using Windows, it will only format exFAT. exFat is fine for v2 cams. I’ve tested up to 256GB which is overkill for me, but I just had to try it. 
It’s been doing continuous recording since last October. If you’re using Windows and want to format to FAT32 standard, you need to download a formatting utility (see post #2 reference link above).
If you have a v2 or Pan cam, you can just stick your card in and format it there. The result will be FAT32.
If you are using a MacOS computer, run Disk Utility against your card and specify MS-DOS (FAT) as the format.