Cobo is closing its consumer wallet app and has asked users to withdraw their crypto by November 30. Assets left behind will face a 2% monthly management fee, subject to a $100 minimum.
Cobo has announced that it will shut down its consumer cryptocurrency wallet app on December 1, 2026, giving users until November 30 to transfer their digital assets. Users who fail to withdraw their holdings before the deadline will face a monthly account management fee of 2% of their remaining assets, subject to a minimum charge equivalent to $100.
The company published its shutdown notice on October 15, with the announcement appearing on its website on October 16. According to the notice, the app will stop operating at midnight on December 1, based on the UTC+8 time zone. Users must complete their withdrawals by 11:59 p.m. on November 30, UTC+8.
The decision marks the end of Cobo’s consumer wallet service, while the company continues to focus on institutional cryptocurrency custody and wallet infrastructure.
Cobo Sets November 30 Deadline for Crypto Withdrawals
Cobo has urged users to transfer all cryptocurrency holdings out of the app before the shutdown. The deadline applies to anyone who still uses the wallet to store digital assets or receive cryptocurrency transfers.
The company has also asked users to update or delete their existing Cobo Wallet receiving addresses saved on cryptocurrency exchanges, mining pools and other platforms.
This step is important because outdated wallet addresses could cause users to send funds to an address they can no longer access through the discontinued app. Users should therefore check not only their current wallet balances but also any external platforms that use their Cobo Wallet addresses for deposits or payouts.
Cobo has clarified that the shutdown applies only to its consumer wallet app, which stopped accepting new registrations in 2021. Its institutional wallet business and services for enterprise customers are not covered by the closure announcement.
Cobo to Charge 2% Monthly Fee With a $100 Minimum
Under the new terms, accounts that retain cryptocurrency after the shutdown will incur a monthly management fee equal to 2% of their remaining assets, subject to a minimum charge equivalent to $100.
Cobo plans to deduct the fees directly from the cryptocurrencies held in users’ accounts rather than converting their holdings into a single currency. For accounts containing multiple cryptocurrencies, the fee will be distributed across the assets in proportion to their respective values.
The company will calculate the dollar equivalent using CoinMarketCap prices at the time of collection. Fees will be collected at midnight UTC+8 on the first day of each month for the preceding calendar month.
The first deduction is scheduled for January 1, 2027, covering the management fee for December 2026.
Cobo’s notice states that fees will continue to apply until users withdraw their remaining assets or the balances are fully deducted. Users who leave funds in the app after the deadline will be treated as having accepted the published fee arrangement.
Small Crypto Balances Could Be Wiped Out
The $100 minimum could have a particularly significant impact on users with small cryptocurrency holdings because the minimum fee can exceed the standard 2% charge.
Cobo’s examples illustrate how the policy will work:
- Bitcoin and Ethereum holdings: An account containing 1 BTC and 10 ETH would incur deductions of 0.02 BTC and 0.2 ETH, respectively, when the 2% calculation exceeds the minimum fee.
- A balance of 1,000 USDT: The standard 2% fee would amount to 20 USDT. However, because that is below the minimum, Cobo would deduct 100 USDT instead.
- A balance of 60 USDT: Since the account’s entire value falls below the $100 minimum, Cobo says the full 60 USDT would be deducted.
These examples show that smaller accounts face a disproportionately high cost. For instance, the minimum deduction on a 1,000 USDT balance represents 10% of the initial holdings, while an account containing just 60 USDT could lose its entire balance in one deduction.
Users should therefore avoid waiting until the shutdown date to review their accounts and arrange transfers.
Cobo Warns Users About Withdrawal Scams
The shutdown could also create opportunities for scammers to target users seeking help with withdrawals. Cobo has warned users to remain cautious and said its staff will never request personal information or passwords.
The company has also stated that it does not provide paid services to accelerate withdrawals or offer services that transfer assets on users’ behalf.
Users should be particularly careful with unsolicited messages, fake customer support accounts and individuals demanding payment or sensitive wallet information to release funds. They should rely on Cobo’s official communication channels for shutdown-related instructions and never disclose private keys or seed phrases.
Cobo Continues to Focus on Institutional Crypto Services
Although Cobo is discontinuing its consumer wallet app, its institutional business remains active.
The company has previously worked on institutional wallet infrastructure, payment-related initiatives and digital asset services. In October 2025, Cobo joined Google’s Agent Payments Protocol (AP2) community, exploring potential applications involving payments initiated by AI agents.
In March 2025, the Core Foundation also announced a Bitcoin staking integration with Cobo aimed at institutional users in Asia, allowing eligible users to stake Bitcoin and CORE tokens through the arrangement.
The consumer app closure reflects a shift in Cobo’s business focus rather than an announced shutdown of the company’s entire operation. However, the company has not disclosed how many consumer wallet users will be affected by the decision.
What Cobo Wallet Users Should Do Now
Users should take the following steps before the November 30 deadline:
- Transfer all cryptocurrency holdings from Cobo Wallet to a wallet or platform they control and trust.
- Verify the receiving wallet address and blockchain network before confirming each transaction.
- Update or remove Cobo Wallet addresses saved on exchanges, mining pools and other services.
- Check transaction confirmations and ensure the transferred assets have arrived safely.
- Ignore unsolicited withdrawal assistance offers and never share passwords, private keys or seed phrases.
The key takeaway: Cobo Wallet users should complete their withdrawals before the app closes on December 1, 2026. Leaving funds behind could expose them to recurring monthly deductions, with a $100 minimum that may consume a small account’s entire cryptocurrency balance.
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