- Cobo’s consumer wallet app closes on December 1, 2026; users should withdraw assets by November 30.
- Remaining balances face a 2% monthly fee, with a minimum charge equivalent to $100, starting with the first deduction on January 1, 2027.
Digital asset custody provider Cobo will permanently shut down its consumer-facing wallet app on December 1, 2026, giving existing users until the end of November to withdraw their cryptocurrency. Users who leave assets in their accounts after the deadline will face a monthly management fee of 2% of their remaining balance, subject to a minimum charge equivalent to $100.
According to Cobo’s official shutdown notice, the app will stop operating at midnight on December 1, Singapore time (UTC+8). The first fee deduction is scheduled for January 1, 2027, covering account management charges for December.
The company said the closure applies only to its consumer wallet app, not its institutional wallet business. Cobo stopped accepting new registrations for the consumer app in 2021 and has focused on institutional and enterprise wallet services since then. It described the shutdown as part of its business direction but did not provide a more specific reason.
Cobo Warns Users About Remaining Balances and Receiving Addresses
The fee structure could significantly affect users with smaller balances. Cobo said it would deduct fees directly from the cryptocurrencies held in an account, rather than converting them into another currency. The company will use CoinMarketCap prices at the time of collection to calculate the dollar value of assets and determine whether the minimum fee applies.
For example, an account holding 1,000 USDT would face a 100 USDT deduction, because the standard 2% charge would amount to only 20 USDT. An account with 60 USDT remaining would lose the entire balance under the minimum-fee rule. Charges will continue monthly until the assets are withdrawn or fully deducted.
Cobo has also asked users to replace or remove any Cobo Wallet receiving addresses saved on cryptocurrency exchanges, mining pools or other platforms. This is intended to prevent future transfers from being sent to addresses users can no longer access through the app.
The company warned users about phishing attempts during the shutdown process. It said staff would never request passwords, seed phrases or private keys, or ask users to install another application to migrate funds. Users should complete withdrawals through the official app before the deadline.
Institutional and enterprise customers can continue to explore Cobo’s separate institutional wallet services.
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