What is closing
Cobo is shutting down its consumer Cobo Wallet App on December 1, 2026, at 00:00 UTC+8. The company announced the wind-down on October 15 and said it stopped taking new registrations for the wallet back in 2021, redirecting its attention to institutional custody and wallet infrastructure in the years since. The closure covers only the personal wallet app. Cobo’s institutional and enterprise business continues, and the announcement directs those customers to book a demo.
How the 2% fee works
Assets still in a wallet after the deadline incur a monthly management fee of 2% of the remaining balance, with a minimum of $100 per month. The fee is taken in the original asset with no currency conversion, and it repeats on the first of each month until the account is emptied or fully withdrawn. The first charge lands on January 1, 2027, for the December period, and Cobo states that failing to withdraw before the deadline counts as agreeing to the fee arrangement.
The minimum changes the math for small balances. Cobo’s own examples show a wallet holding 1 BTC and 10 ETH paying 0.02 BTC and 0.2 ETH for the month. A wallet holding 1,000 USDT, where 2% would be 20 USDT, is charged the full 100 USDT minimum, and a wallet holding only 60 USDT is deducted in full because the whole balance sits below the minimum.
What to do now
Move assets out before November 30, the last full day of service. Then update any receiving address: if the Cobo wallet was set as a payout destination on an exchange, mining pool, or another platform, replace or remove it so late payments do not land in a closing wallet.
Cobo says it will never send direct messages, ask for a password, seed phrase, or private key, or ask anyone to install another app to migrate assets. The company tells users to expect impersonation and phishing around the deadline, to download or update the app only from its official iOS and Google Play links, and to trust only its official website and support email.
Why the shutdown matters
The closure continues a pattern of retail custodial wallets winding down while providers consolidate around institutional and regulated clients. Running a consumer wallet means carrying support, compliance, and custody obligations for small retail accounts, and providers keep deciding that cost is no longer worth the retail business. For users, the practical consequence is a decision between keeping funds with another custodial service and moving to a non-custodial wallet where they hold the keys and the responsibility for them.
The deadline is a few weeks away and the fee is steepest for small balances, so the safe move is to act before the cutoff rather than at it. Users holding a balance should treat the withdrawal as one task to finish this month, not something to revisit on the final day.
Source: BlockchainReporter.