10 years ago.

Do you have a 32kHz crystal connected to the appropriate pins? In the past, when that bin file was compiled probably, it used the internal 32kHz oscillator. Later we changed it to an external one, since the KL05 board has one, and it is more accurate than using the internal one. So if you indeed have no crystal, it will fail trying to use it as clock.

If this is your issue, delete the mbed lib from your program, instead import mbed-src (next link). This is the complete source code of the mbed lib. Go to the following file (in the compiler): http://mbed.org/users/mbed_official/code/mbed-src/file/e752b4ee7de1/targets/cmsis/TARGET_Freescale/TARGET_KLXX/TARGET_KL05Z/system_MKL05Z4.c. Here you can change the clock setup. You can manually add anything you want, or use one of the presets. I would advice clock setup 0. It is a bit slower than 1 (don't know why it was set that way to be honest, you can manually change it if you want, but it generally won't be an issue, the mbed libs are setup to calculate everything with the used clock frequency, so your wait(1), will still wait 1 second), and only uses the internal oscillator.

If you do have a crystal, try it anyway, maybe it isn't oscillating. One thing to note: Without crystal time functions will not work.