Custody provider Cobo will retire its retail wallet app on December 1, 2026, at 00:00 UTC+8. Anyone still holding assets there must move them out before that moment, because a balance left behind starts to incur a monthly management fee. The announcement, dated October 15, is a service-change notice rather than a product launch, and its value to readers is the hard deadline it creates.
The deadline and who it affects
Service stops at 00:00 UTC+8 on December 1, which makes November 30 the last full day to withdraw. Cobo closed the retail wallet to new sign-ups in 2021 and has since concentrated on institutional custody and wallet infrastructure, so the shutdown closes out a transition that has been running for years. The notice covers only the personal wallet app; Cobo’s institutional and enterprise business is not affected.
How the 2% fee actually works
If funds remain after the deadline, Cobo charges a monthly management fee of 2% of the remaining balance, deducted in the original asset with no currency conversion. The detail that changes the math is the minimum: every month the fee is at least $100 equivalent, valued at the CoinMarketCap price at the time of charging. The first charge lands on January 1, 2027, for December 2026, and the charge repeats monthly until the account is emptied.
Cobo’s own examples show where the minimum bites. An account holding 1 BTC and 10 ETH would pay 0.02 BTC and 0.2 ETH that month. An account holding 1,000 USDT would pay 100 USDT, not the 20 USDT a straight 2% would produce, because the $100 minimum applies. A balance worth less than $100 is deducted in full. In effect, the minimum turns a proportional fee into a fixed cost for small accounts, so an abandoned small balance can be drained quickly.
What to do before the deadline
Beyond withdrawing assets, Cobo advises replacing or removing the wallet anywhere it was set as a receiving address, on exchanges, mining pools and similar platforms, so a late payment is not sent to a closing wallet. The company also warns that staff will never ask for passwords or personal information, and that it offers no paid accelerated-withdrawal or asset-transfer service. Both warnings target the impersonation scams that tend to follow any shutdown, where a fraudster promises fast payouts in exchange for a fee or a seed phrase.
What the announcement does not say
The notice is a service-change document, not a statement about the safety of the underlying assets or of non-custodial wallets in general. It does not change the value of any asset, and it does not mean institutional custody is winding down; Cobo says the opposite. The practical takeaway is narrow: if you still use the retail app, withdraw before the deadline and treat any expedited-withdrawal offer as a scam.
Adapted from Cobo to Shut Down Retail Wallet App in December, Charging 2% Monthly on Remaining Funds.