Digital asset custody provider Cobo has announced that its consumer-focused Cobo Wallet App will permanently close on December 1, 2026 at midnight UTC+8, with users required to transfer all remaining cryptocurrency holdings before November 30. The company said the decision stems from changes in its business strategy, while its institutional and enterprise services will continue operating normally. In U.S. time zones, the shutdown falls at 11 a.m. Eastern Standard Time and 8 a.m. Pacific Standard Time on November 30.
According to the official notice dated October 15 and displayed on October 16, accounts that still hold assets after the shutdown will incur a monthly management fee equal to 2% of remaining holdings, subject to a $100 minimum. Fees will be deducted directly in each supported cryptocurrency, without converting assets. The first collection is scheduled for January 1, 2027, covering December 2026. For accounts where 2% is below $100, Cobo will apply the minimum charge; accounts with balances under $100 will have their entire remaining balance deducted. The published examples show an account holding one Bitcoin and 10 Ether would be charged 0.02 BTC and 0.2 ETH, while an account with 1,000 USDT would be charged 100 USDT because of the $100 minimum.
Cobo also instructed users to update or delete any Cobo Wallet receiving addresses saved on exchanges, mining pools, and other platforms to prevent misdirected funds after the closure. The company warned against scams involving fraudulent withdrawal assistance or impersonated support, emphasizing that staff will never request passwords or other sensitive information and that it does not provide paid expedited withdrawals or asset transfer services. The closure applies only to the consumer wallet app, which stopped accepting new registrations in 2021; Cobo has since mainly focused on institutional wallet services.
