- 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 custodian Cobo is permanently closing its consumer-facing wallet application on December 1, 2026, and urges all current users to withdraw their digital currency before the end of November. Anyone who leaves funds in their account past the deadline will incur a monthly management fee of 2% on their remaining balance, subject to a minimum charge equal to $100.
Based on the official shutdown notice from Cobo, 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 cover account management costs for December.
The firm clarified that this closure affects solely the consumer wallet app and leaves its institutional wallet operations untouched. Cobo discontinued new registrations for the consumer platform back in 2021, shifting its primary focus toward enterprise and institutional services. While the company attributed the shutdown to its overarching business direction, it did not offer further specifics.
Cobo Warns Users About Remaining Balances and Receiving Addresses
Accounts with smaller holdings could be heavily impacted by this fee policy. Cobo announced it will deduct charges straight from the cryptocurrencies stored in the account rather than converting them into an alternative currency. To calculate the dollar value and check if the minimum fee kicks in, the platform will rely on CoinMarketCap prices at the exact time of collection.
By way of illustration, an account holding 1,000 USDT would see a 100 USDT deduction because the standard 2% rate would otherwise equal just 20 USDT. Meanwhile, an account with only 60 USDT left would forfeit its complete balance due to the minimum-fee policy. These monthly charges will persist until the funds are either withdrawn or entirely depleted.
Additionally, Cobo advised customers to clear out or update any Cobo Wallet receiving addresses currently stored on mining pools, crypto exchanges, or other platforms. This step ensures users do not accidentally send future transfers to addresses they will no longer be able to access via the app.
Amid the closure procedures, the company issued a warning regarding potential phishing scams. Cobo emphasized that its personnel will never ask for private keys, passwords, or seed phrases, nor will they direct users to install a separate application to transfer funds. All withdrawals should be handled directly through the official app ahead of the deadline.
Enterprise and institutional clients may continue utilizing Cobo’s distinct institutional wallet offerings.
Frequently Asked Questions
When is the Cobo consumer wallet app shutting down?
The app will permanently shut down at midnight on December 1, 2026 (Singapore time, UTC+8). Users are advised to withdraw their assets by November 30, 2026.
What are the fees for leaving funds in the app after the deadline?
Accounts with remaining balances will incur a 2% monthly management fee, subject to a minimum charge equivalent to $100. The first deduction will take place on January 1, 2027.
Does this closure affect Cobo’s institutional services?
No, the shutdown applies exclusively to the consumer-facing wallet app. Cobo’s institutional and enterprise wallet services remain active.
How can users protect themselves from scams during the shutdown?
Cobo staff will never request passwords, seed phrases, or private keys, nor will they ask users to install alternative applications to migrate funds. All withdrawals should be executed through the official app before the deadline.
