Cobo has officially announced the permanent shutdown of its retail crypto wallet app starting Dec. 1, 2026, at 00:00 UTC+8 (Nov. 30 at 16:00 UTC). The announcement serves as an urgent directive for account holders: all crypto asset balances must be moved and withdrawn before the closure deadline.
For users who fail to act and leave coins idle in the app, Cobo has established a recurring fee schedule that will deduct from their holdings.
How Remaining Balances Will Be Deducted
Accounts that still hold assets after the service shuts down will be charged a monthly management fee of 2% of the remaining balance. However, the policy includes a strict floor: Cobo has set a minimum fee equivalent to $100 per month. The first deduction is scheduled to take place on Jan. 1, 2027, covering the management fee for December 2026.
To calculate asset values in fiat currency, Cobo will use conversion price data from CoinMarketCap on the billing date. This $100 monthly minimum carries direct consequences for small-balance wallet holders. Accounts with a total asset value under $100 will see their entire holdings wiped out in a single deduction, as the value will not cover the minimum billing threshold.
The fee deduction is executed directly from the respective crypto asset without any inter-token conversion. For instance, an account holding 1 BTC and 10 ETH will have 0.02 BTC and 0.2 ETH deducted, respectively. Asset owners cannot choose which coin is used for payment, as the system deducts 2% directly from each asset type.
Risks of Active Deposit Addresses
Account holders’ responsibilities do not end with withdrawing funds from the application. Cobo has instructed users to immediately remove or update Cobo Wallet receiving (deposit) addresses saved across crypto exchanges, mining pools, and other platforms. This measure is intended to prevent future funds from being mistakenly sent to deactivated wallet addresses.
Many crypto miners and exchange traders frequently save Cobo deposit addresses as automated payout destinations. If those addresses are not promptly removed from mining pool or exchange systems, new deposits sent after Dec. 1, 2026, will still route to dead destination addresses. These incoming funds risk becoming permanently inaccessible while immediately incurring monthly fees on closed accounts.
Full Focus on the Institutional Segment
The shutdown of the consumer app is part of a long-planned business transformation for Cobo. The wallet infrastructure provider had already halted new retail user registrations back in 2021. Sunsetting the application at the end of this year reinforces Cobo’s decision to focus entirely on institutional wallet custody services.
The warning for Cobo retail users is clear: take the time before Dec. 1 to withdraw all remaining balances, transfer assets to a private wallet or another exchange, and revoke all Cobo deposit addresses from third-party platforms before your coins are eaten up by fees.
Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
