- 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 is permanently shutting down its consumer-facing wallet app on December 1, 2026, giving existing customers until the end of November to withdraw their cryptocurrency. Those who leave funds in their accounts past the deadline will encounter a monthly management fee equal to 2% of their remaining balance, with a minimum charge equivalent to $100.
The official shutdown notice states that the application will cease operations at midnight on December 1, Singapore time (UTC+8). The initial fee deduction is set for January 1, 2027, to account for management charges accrued during December.
The company clarified that this closure affects solely the consumer wallet app and does not impact its institutional wallet business. Cobo halted new consumer app registrations back in 2021 to prioritize institutional and enterprise wallet services. While it framed the shutdown as part of its ongoing business strategy, it did not disclose further details regarding the decision.
Cobo Warns Users About Remaining Balances and Receiving Addresses
This fee policy may heavily impact individuals with modest balances. Cobo stated that charges will be deducted straight from the cryptocurrencies stored in the account without converting them to an alternative currency. To calculate the dollar value and assess if the minimum fee applies, the company will reference CoinMarketCap prices at the exact time of collection.
As an illustration, an account storing 1,000 USDT would incur a 100 USDT charge because the standard 2% rate equals just 20 USDT. Meanwhile, an account holding only 60 USDT would have its entire balance wiped out by the minimum-fee policy. These monthly fees will keep recurring until the funds are either withdrawn or completely depleted.
Additionally, Cobo urged users to update or delete any Cobo Wallet receiving addresses currently stored on mining pools, cryptocurrency exchanges, or external platforms. This step prevents future deposits from going to addresses that will no longer be accessible via the app.
The firm cautioned customers to stay vigilant against phishing scams throughout the wind-down period. It emphasized that employees will never ask for private keys, passwords, seed phrases, or prompt users to install a separate application for fund migration. All withdrawals must be finalized using the official app prior to the deadline.
Enterprise and institutional clients may continue using Cobo’s distinct institutional wallet services.
Frequently Asked Questions
When is the Cobo consumer wallet app shutting down?
The consumer wallet app will permanently close at midnight on December 1, 2026, Singapore time (UTC+8). Users must withdraw their cryptocurrency by November 30, 2026.
What are the fees for leaving funds in the app after the deadline?
Accounts with remaining balances will incur a monthly fee of 2% or a minimum charge equivalent to $100, whichever is greater, starting with the first deduction on January 1, 2027.
Does this shutdown affect institutional customers?
No, the closure applies exclusively to the consumer-facing wallet app. Cobo’s institutional and enterprise wallet services will continue to operate normally.
