Key Highlights
- Cobo will discontinue its Wallet App on December 1, 2026, at 00:00 UTC+8.
- Users must withdraw their assets by 23:59 on November 30 to avoid the post-shutdown fee arrangement.
- Remaining balances will incur a monthly management fee of 2%, subject to a minimum charge equivalent to $100.
Crypto custody provider Cobo will discontinue its Wallet App on December 1, 2026, and charge monthly management fees on assets left in user accounts after the shutdown.
In an announcement published on October 16, Cobo set November 30 at 23:59 UTC+8 as the withdrawal deadline. The app will stop providing services at 00:00 UTC+8 on December 1.
Cobo attributed the decision to a “strategic business adjustment” but did not provide further details. It said its other businesses would continue operating normally.
Cobo sets November 30 withdrawal deadline
Cobo has asked users to withdraw their assets before the app ceases service. It also advised them to update or remove Cobo Wallet addresses saved as receiving addresses on exchanges, mining pools and other platforms.
Cobo advised users to update or remove saved receiving addresses to avoid sending assets to wallets they may no longer be able to manage through the app.
Remaining assets to face 2% monthly fee
Cobo said accounts with assets remaining after the shutdown will incur a monthly management fee equal to 2% of their remaining balances, subject to a minimum charge equivalent to $100.
Fees will be deducted directly from the tokens held in each account rather than converted into a single currency. For accounts holding multiple tokens, the minimum fee will be allocated proportionally according to each token’s share of the account’s total asset value.
The fee for each calendar month will be collected at 00:00 UTC+8 on the first day of the following month. The first charge is scheduled for January 1, 2027, covering December 2026.
Cobo will use CoinMarketCap prices at the time of collection to calculate the minimum fee’s equivalent value in U.S. dollars.
Small balances could be fully deducted
The minimum fee could exceed the 2% charge on smaller balances.
Cobo’s examples show that an account holding 1,000 USDT would incur a fee of 20 USDT under the 2% calculation. Because this is below the minimum, Cobo said it would instead deduct 100 USDT.
For an account holding only 60 USDT, the company said the entire balance would be deducted because it falls below the minimum fee.
Cobo said fees would continue until the remaining assets had been withdrawn or fully deducted.
Cobo warns users about withdrawal scams
Cobo also warned users against people claiming to offer withdrawal assistance.
The company said its staff would never ask for personal information, passwords, seed phrases or private keys. It added that it does not offer paid expedited withdrawals or services that transfer assets on a user’s behalf.
For information about the shutdown, Cobo directed users to its official website, www.cobo.com, and the email address walletservice@cobo.com.
The announcement does not specify how long withdrawal functions will remain accessible after the deadline.
StandX and Blur announce separate Shutdown plans
Cobo’s announcement follows other recent decisions by crypto platforms to discontinue services or wind down operations.
On October 15, StandX would shut down operations after abandoning its planned token launch. The company said it would distribute its remaining revenue and additional team funding through a one-time DUSD airdrop, with January 31, 2027, set as the deadline for withdrawals and redemptions.
On October 13, Blur planned to close its NFT marketplace website and halt Blend loans. Its marketplace contracts were expected to remain active after the website closed, while Blend borrowers faced a November 12 deadline to repay loans or risk default.
Cobo will charge recurring fees on assets left in its wallet after the November 30 withdrawal deadline. StandX and Blur, meanwhile, have announced separate arrangements for winding down their services.
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