Digital asset custody provider Cobo has announced to discontinue its Cobo Wallet App. Cobo Wallet app will shut down on December 1, 2026. As per Cobo, this shut down is a part of its strategic business adjustment. Cobo has clarified that its other businesses will continue operating normally. It has advised users to withdraw their remaining assets before the shutdown deadline.

Cobo Wallet Sets 2% Monthly Fee for Remaining Wallet Assets

According to Cobo’s official announcement, users must complete withdrawals by November 30, 2026. The app will cease operations at 00:00 on December 1. The remaining assets in users’ accounts will become subject to a monthly management fee.

Cobo will charge a monthly management fee equal to 2% of the remaining account assets. The minimum fee will be equivalent to $100. The fee will be deducted in the original cryptocurrencies held in each account. The first fee will be collected on January 1, 2027, covering December 2026. Charges will then continue monthly until users withdraw their remaining assets or their balances are depleted.

Accounts with calculated fees below the $100 minimum will still incur the minimum charge, distributed proportionally across the assets held. If an account’s total remaining value is below $100, Cobo said the entire balance will be deducted in a single transaction.

Users Urged to Update Wallet Addresses Before Shutdown

Cobo has advised users to update or remove Cobo Wallet receiving addresses saved on cryptocurrency exchanges, mining pools or any other platform. This is a precautionary measure and is intended to prevent future transfers.

The company has issued some additional security warnings too. It has cautioned users against paid withdrawal-acceleration services and third-party transfer services. Such services have higher risk of scams.

Users who still hold assets in Cobo Wallet should act timely. They should complete their withdrawals before the November 30 deadline or else, ready for fee deductions.