Cobo plans to shut down its consumer wallet app at midnight UTC+8 on Dec. 1, 2026. Users who leave assets in their accounts will be charged 2% of their remaining holdings each month, with a $100 minimum.
- Withdraw assets before midnight UTC+8 on Dec. 1 (16:00 UTC on Nov. 30).
- The first fee deduction is scheduled for Jan. 1, 2027.
- Cobo says its institutional wallet services are not affected.
- Update or remove Cobo receiving addresses saved on other platforms.
When the app closes and what users should check
Cobo’s notice is dated Oct. 15, 2026, and appeared on its website the following day. It sets the shutdown for midnight UTC+8 on Dec. 1, so users need to complete withdrawals before then. The cutoff is 16:00 UTC on Nov. 30, or 11 a.m. Eastern Standard Time and 8 a.m. Pacific Standard Time.
Cobo does not specify withdrawal limits or processing times, or say what will happen if a transfer is still pending at the deadline. Give transfers enough time to complete rather than leaving them until the last minute.
Cobo also asks users to update or delete receiving addresses saved with exchanges, mining pools, and other services. A blockchain address does not expire when an app closes, but Cobo’s notice does not explain what access users will have to the app or their accounts after shutdown. Check Cobo’s guidance and update saved details as a precaution.
How the monthly fee works
Cobo says accounts with assets remaining after closure will be charged 2% of their holdings each month, with a minimum fee equivalent to $100 per account. The first deduction is scheduled for midnight UTC+8 on Jan. 1, 2027, and will cover December 2026. Later deductions are scheduled for the first day of each month and will cover the preceding calendar month. They will continue until the assets are transferred out or fully deducted.
Cobo will take the fee in the cryptocurrencies held in each account and says it will not convert one cryptocurrency into another. It will use CoinMarketCap prices at the time of collection to calculate the holdings’ value in US dollars, then divide the deduction among the assets in proportion to their value.
Cobo’s examples show how the minimum can outweigh the percentage charge:
- An account holding one Bitcoin and 10 Ether would be charged 0.02 BTC and 0.2 ETH if the 2% fee on the combined balance exceeds the $100 minimum.
- For an account holding 1, 000 USDT, Cobo gives a deduction of 100 USDT. At roughly $1 per USDT, a 2% fee would be about 20 USDT, so the minimum applies.
- Cobo says it will deduct all remaining assets at once from accounts worth less than $100. Its example is a 60 USDT balance, which would be fully deducted.
Cobo says that failing to withdraw before the app closes counts as agreement to the fee arrangement. That is the company’s stated position. Its notice does not describe an appeal process or explain how it would handle disputes over valuations or fee deductions.
Institutional services are separate
Cobo says the shutdown affects only its consumer wallet app, not its institutional wallet business. The app stopped accepting new registrations in 2021, and Cobo says it has focused mainly on institutional wallet services since then.
Protect yourself from withdrawal scams
Cobo warns that its staff will never ask users for personal information or passwords. The company also says it does not offer paid withdrawal acceleration or transfer assets on users’ behalf. Anyone asking for your credentials or payment to speed up a withdrawal is a scammer.
Key questions and answers
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When does the Cobo consumer app close?
At midnight UTC+8 on Dec. 1, 2026. Complete withdrawals by 16:00 UTC on Nov. 30.
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What happens to assets left in an account?
Cobo says it will charge 2% of the remaining holdings each month, with a $100 minimum. Charges will continue until the assets are transferred out or fully deducted.
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When is the first fee deduction?
Jan. 1, 2027, for December 2026.
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How will Cobo calculate and collect the fee?
Cobo says it will use CoinMarketCap prices at the time of collection to value holdings in US dollars. It will deduct the fee in the cryptocurrencies held, in proportion to their value.
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Are Cobo’s institutional services closing too?
No. Cobo says the shutdown applies only to its consumer wallet app.
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What if a withdrawal is pending at the cutoff?
Cobo’s notice does not explain how it will handle pending or delayed transfers. Leave enough time for withdrawals to complete.
