Cobo, the digital asset custody provider, will shut down its retail Cobo Wallet App on December 1, 2026, at 00:00 UTC+8, the company said in an official announcement. Users must withdraw all assets before that deadline, after which any remaining balance becomes subject to a monthly management fee.
Cobo closed the retail wallet to new registrations in 2021 and has since concentrated on institutional custody and wallet infrastructure, the notice states. The shutdown applies only to the personal wallet app; Cobo’s institutional and enterprise businesses will continue operating normally, the company said.
Withdrawal Deadline and the 2% Monthly Fee
Service ends on December 1, 2026, at 00:00 UTC+8, and the company instructs users to move all assets out before that time, effectively making November 30 the last full day to withdraw. If funds remain after the shutdown, Cobo will charge a monthly account management fee equal to 2% of the remaining balance, deducted in the original asset with no currency conversion. The fee carries a minimum of $100 equivalent per month, valued at the CoinMarketCap price at the time of charging.
The first charge lands on January 1, 2027, covering December 2026, and charges continue monthly until the account is fully withdrawn or emptied. A balance worth less than $100 is deducted in full. In the notice’s examples, an account holding 1 BTC and 10 ETH would pay 0.02 BTC and 0.2 ETH, while an account holding 1,000 USDT would pay 100 USDT rather than the 20 USDT that 2% would produce, because of the $100 minimum.
What Users Should Do Now
Beyond withdrawing funds, Cobo advises anyone who set the wallet as a receiving address on exchanges, mining pools, or other platforms to replace or remove it, so late payments are not sent to a closing wallet. The company also warned that staff will never ask for passwords or personal information and that it offers no paid accelerated-withdrawal or asset-transfer services, telling users to guard against impersonation scams.
Why the Closure Matters
The move is the latest in a string of retail custodial wallets winding down as providers consolidate around institutional and regulated clients. For affected users, the immediate question is where to move funds, which turns on the tradeoffs between custodial and non-custodial wallets. It also lands while hardware-wallet security is under fresh scrutiny, after Ledger confirmed an unauthorized hardware implant in a device sold by a Southeast Asian reseller.
