Digital asset custody provider Cobo has announced that it will discontinue its Cobo Wallet App on December 1, 2026, and is urging users to withdraw all remaining cryptocurrency holdings before November 30. Balances left in the app past the deadline will be subject to a monthly management fee of 2%, with a $100 minimum.

The company attributed the decision to changes in its business strategy while confirming that its other operations will continue as normal.

Users Urged to Withdraw Assets Before December 1 Closure

According to its official announcement, published October 15, 2026, 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 ahead of the scheduled closure, leaving roughly six weeks of notice between publication and the cutoff. Because the shutdown time is anchored to UTC+8, users in time zones behind it face an earlier local deadline.

Cobo also advised customers to update any wallet addresses previously registered with cryptocurrency exchanges, mining pools, or other platforms. The company said such updates are necessary because funds sent to discontinued receiving addresses could create difficulties once the service closes — a step that matters for users whose deposits still route to the app from those platforms.

Cobo confirmed that its other business operations will continue normally despite the Wallet App shutdown. However, the firm provided no further details about the strategic adjustments behind the decision.

Post-Deadline Balances Face 2% Monthly Fee

The firm has 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 charges calculated separately for each supported asset. Where the calculated 2% fee falls below $100, Cobo will apply the minimum monthly charge instead. Accounts containing assets worth less than $100 will have their entire remaining balances deducted. The structure places the heaviest relative burden on smaller accounts, where the flat minimum can exceed the percentage-based charge, and it makes a pre-deadline withdrawal the only step that avoids the fees entirely.

According to Cobo, the first deductions will take place 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 cautioned customers about potential scams involving fraudulent withdrawal assistance and impersonated customer support — a warning that arrives as users work to beat the November 30 cutoff. The company stressed that its employees will never request account passwords or other sensitive personal information. It also clarified that it does not offer paid expedited withdrawals or asset transfer services on behalf of customers, directing users seeking assistance to its official website and designated support email.

With the November 30 deadline approaching, affected customers are advised to complete their withdrawals and update their registered receiving addresses. Cobo's remaining business services will continue operating after the Wallet App closes on December 1.