Cobo has announced that its consumer wallet app will close on Dec. 1, 2026, with users required to withdraw their assets before the shutdown or face monthly account management fees starting at $100.
Summary
- Dec. 1 marks the consumer app’s closure, with withdrawals required before midnight UTC+8.
- Monthly fees will equal 2% of remaining assets, subject to a $100 minimum.
- Jan. 1, 2027, is the first scheduled deduction date, covering December’s account management fee.
- Cobo says the closure covers its consumer app, which stopped accepting registrations in 2021.
Cobo’s shutdown notice, dated Oct. 15 and displayed on its website on Oct. 16, sets the closure for midnight UTC+8 on Dec. 1 and requires all assets to be transferred out beforehand.
Cobo Wallet withdrawals must finish before Dec. 1
The company’s notice places the withdrawal deadline immediately before services close, meaning users must complete their transfers by the end of Nov. 30 in the stated UTC+8 time zone.
Converted from Cobo’s published deadline, the shutdown falls at 16:00 UTC on Nov. 30. In the United States, that corresponds to 11 a.m. Eastern Standard Time and 8 a.m. Pacific Standard Time on the same day.
Alongside withdrawing existing balances, the notice asks users to replace or delete Cobo Wallet receiving addresses saved on exchanges, mining pools, and other platforms. Cobo says the change is intended to prevent funds from being mistakenly sent to the old addresses.
The announcement specifically names those external receiving arrangements as part of the shutdown preparations. Its instructions cover both assets already held in the app and addresses that users have supplied elsewhere for future payments.
In a separate clarification, Cobo said the closure applies only to its consumer wallet app, which stopped accepting new registrations in 2021. The original notice says the company has mainly focused on institutional wallet services since then.
Both statements direct institutional and enterprise customers seeking Cobo’s services toward its institutional wallet business.
Monthly fees begin with a Jan. 1 deduction
Under the published arrangement, accounts that still hold assets after the app closes will incur a monthly management charge equal to 2% of the remaining holdings, with a minimum equivalent to $100.
The notice says deductions will occur at midnight UTC+8 on the first day of each month, covering the preceding calendar month. The first collection is scheduled for Jan. 1, 2027, for December 2026.
Cobo will calculate the percentage charge using the quantity of each asset remaining at the collection time and deduct the fee in that same cryptocurrency. According to the notice, the process will not involve converting one cryptocurrency into another.
When the combined percentage-based charge falls below $100, the company says it will apply the minimum instead. Each asset will bear a share of that deduction in proportion to its value within the account.
For those calculations, the notice identifies CoinMarketCap prices at the collection time as the basis for converting cryptocurrency values into US dollars. The dollar threshold therefore sits alongside deductions made directly in the assets held.
Cobo’s stated terms treat failure to withdraw before the closure as agreement to the fee arrangement. Charges will continue until the remaining assets have either been transferred out or fully deducted, according to the announcement.
Balances below $100 face a full deduction
The notice gives three examples showing how the percentage charge and minimum payment will operate.
For an account holding one Bitcoin and 10 Ether, Cobo’s example deducts 0.02 BTC and 0.2 ETH for the month, assuming their combined value exceeds the $100 minimum. Each deduction equals 2% of the quantity of that asset.
An account containing only 1,000 USDT would incur a 100 USDT charge in the company’s second example. Although 2% of the balance is 20 USDT, the minimum fee replaces that smaller amount.
In the third example, an account with only 60 USDT would lose the full 60 USDT because its balance falls below the minimum. Cobo explicitly states that accounts worth less than $100 will have all remaining assets deducted at once.
The company’s examples distinguish the stated 2% rate from the amount smaller accounts would actually pay. Using its 1,000 USDT example, the 100 USDT deduction represents 10% of the starting balance for that collection.
Cobo’s institutional work spans payments and Bitcoin staking
Before the consumer app closure, Cobo had announced several institutional partnerships. As crypto.news previously reported, the company joined Google’s AP2 community in October 2025, linking its wallet infrastructure work to an open standard for payments initiated by artificial intelligence agents.
At the time, Cobo said it planned applications using the framework and a demonstration in February 2026. The announcement described planned work, rather than confirming completed deployment.
Earlier, Core Foundation announced a dual Bitcoin staking integration with Cobo in March 2025 for institutional users in Asia. According to that announcement, the arrangement allowed users to stake Bitcoin and CORE tokens while earning Bitcoin-denominated yields.
In the shutdown notice’s security instructions, Cobo says its staff will never request users’ personal information or passwords. The company says it offers neither paid services to accelerate withdrawals nor services that transfer assets on a user’s behalf.