Cobo, a digital asset custody provider, has announced the permanent closure of its consumer-facing wallet application effective midnight Dec. 1, 2026, in the UTC+8 time zone. Users must transfer all cryptocurrency holdings out of the app before that deadline or face a recurring monthly management fee on any remaining balances.

The company stated that the consumer app, which stopped accepting new registrations in 2021, is being discontinued as part of a broader shift toward institutional and enterprise wallet services. Institutional operations will continue without interruption, and the firm is directing business clients to those offerings.

Withdrawal Deadline and Address Updates

Assets must be moved out by the end of Nov. 30, 2026, under the UTC+8 schedule. That cutoff corresponds to 16:00 UTC on Nov. 30, or 11 a.m. Eastern Time. After the app closes, users will no longer be able to access or manage funds through the service.

Cobo also instructed customers to replace or delete any Cobo Wallet receiving addresses previously saved on cryptocurrency exchanges, mining pools, or other platforms. Leaving those addresses active risks future deposits being sent to inaccessible destinations once the consumer app is offline.

Monthly Fee Structure for Unclaimed Balances

Any assets left in accounts after the shutdown will incur a monthly account-management fee equal to 2 percent of the remaining holdings. The fee is subject to a minimum equivalent to $100. Deductions will be taken directly in the cryptocurrencies held, without conversion between assets. CoinMarketCap prices at the time of collection will be used to determine dollar values and whether the minimum applies.

Fees are scheduled to be collected at midnight UTC+8 on the first day of each month, covering the prior calendar month. The first deduction is set for Jan. 1, 2027, for December 2026 charges. Collections will continue until the remaining assets are withdrawn or fully depleted. Leaving funds in the app after the closure is treated as acceptance of these terms.

How the Charges Apply to Different Holdings

Cobo provided illustrative examples of the fee calculation. An account holding 1 bitcoin and 10 ether would see deductions of 0.02 bitcoin and 0.2 ether, assuming the combined value exceeds the $100 threshold. An account with 1,000 USDT would be charged 100 USDT because the straight 2 percent figure of 20 USDT falls below the minimum. An account containing only 60 USDT would lose the full balance under the same minimum rule.

Each asset bears a proportional share of any minimum fee according to its value within the account at the collection time.

Security Warnings During Transition

Cobo cautioned users about potential scams linked to the shutdown. Company staff will never request passwords, seed phrases, private keys, or other sensitive information. The firm does not offer paid services to speed withdrawals or transfer assets on a user’s behalf. Customers were advised to complete all transfers exclusively through the official iOS or Android application and to rely only on official communication channels.

The consumer app’s closure does not affect Cobo’s institutional custody products, which remain available to enterprise clients seeking continued wallet and related services.