Cobo Wallet users must withdraw assets by November 30 or face a 2% monthly management fee, with a $100 minimum.
Digital asset custody provider Cobo has announced plans to discontinue its Cobo Wallet App on December 1, 2026. According to the firm, users must withdraw their remaining cryptocurrency holdings before November 30. The company attributed the decision to changes in its business strategy while confirming that its other operations will continue normally.
Wallet Users Urged to Withdraw Assets Before December 1 Closure
According to its official announcement, Cobo will permanently shut down the Wallet App at midnight on December 1, 2026 (UTC+8). Users have until November 30 to transfer their cryptocurrency holdings out of the application before the scheduled closure.
Additionally, Cobo advised customers to update any wallet addresses previously registered with cryptocurrency exchanges, mining pools or other platforms. Such changes are necessary because funds sent to discontinued receiving addresses could create difficulties after the service closes.
Cobo confirmed that its other business operations will continue normally despite the Wallet App shutdown. However, it provided no further details about the strategic adjustments behind the decision.
The firm also introduced a fee arrangement for users who fail to withdraw their assets before the shutdown deadline. Under the policy, remaining account balances will attract a monthly management fee of 2%, subject to a $100 minimum.
Fees will be deducted directly from cryptocurrency holdings, with the company calculating charges separately for each supported asset. For accounts where the calculated 2% fee falls below $100, Cobo will instead apply the minimum monthly charge.
Meanwhile, accounts containing assets worth less than $100 will have their entire remaining balances deducted. According to Cobo, the first deductions will occur on January 1, 2027, covering account management fees for December 2026.
Charges will continue monthly until users withdraw their remaining assets or their account balances are completely depleted.
Cobo Warns Users Against Withdrawal-Related Scams
Alongside the shutdown announcement, Cobo warned customers about potential scams involving fraudulent withdrawal assistance and impersonated customer support. The company emphasized that its employees will never request account passwords or other sensitive personal information.
Furthermore, Cobo clarified that it does not provide paid expedited withdrawals or asset transfer services on behalf of customers. Users seeking assistance were directed to its official website and designated support email.
With the November 30 deadline approaching, affected customers have been advised to complete withdrawals and update their receiving addresses. Cobo’s remaining business services will continue operating after the Wallet App closes on December 1.
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