Cobo says it will shut down its consumer wallet app on Dec. 1, 2026, requiring users to remove their assets before midnight UTC+8 on that date. Accounts that still hold funds after the closure will be subject to recurring account management fees.
The company said the charge will be set at 2% of the remaining assets each month, with a minimum fee equivalent to $100. The first deduction is scheduled for Jan. 1, 2027, covering the month of December 2026.
Shutdown deadline for remaining users
The closure applies to Cobo’s consumer app, which the company said stopped accepting new registrations in 2021. The latest notice sets a final deadline for existing users to withdraw any remaining assets before the service closes.
Under the plan, users who do not transfer out their holdings by midnight UTC+8 on Dec. 1 will not simply keep assets parked in an inactive app without cost. Instead, monthly charges will begin to apply to any balances left behind after the shutdown.
How the monthly fee will be calculated
Cobo said the monthly account management fee will equal 2% of the assets remaining in an account, but never less than $100. If the 2% calculation comes in below that threshold, the minimum fee will still be charged.
The company said deductions will be made in the same cryptocurrency held in the account, without converting one asset into another. Where an account contains multiple assets, each token or coin will absorb a portion of the fee based on its share of the account’s total value.
To translate the value of holdings into dollars for the fee calculation, Cobo said it will use CoinMarketCap prices at the time of collection.
Collection schedule and treatment of small balances
According to the published arrangement, deductions will take place at midnight UTC+8 on the first day of each month. The first collection date is Jan. 1, 2027, and it will cover the account management fee for December 2026.
Cobo said the charges will continue every month until the assets are fully withdrawn or fully deducted. For accounts with less than $100 remaining, the company said all of the remaining assets will be deducted rather than leaving a residual balance below the minimum fee level.
Institutional business remains in place
The company said the shutdown affects only its consumer wallet app. Cobo’s institutional wallet services are described as separate and remain part of its ongoing business focus.
For users of the consumer product, the next confirmed step is the withdrawal deadline on Dec. 1, 2026. After that point, any assets left in the app are set to become subject to the monthly fee schedule beginning with the Jan. 1, 2027 deduction.
Source: crypto.news