Photoshop CC crashes at launch due to custom color profiles

Photoshop CC 2018 crashes at launch due to custom color profiles. 

(Windows)

On Windows, the Event Viewer log for Photoshop crash displays 'ACE.dll' as the faulting module:

..

Problem Event Name: APPCRASH

Faulting Module Name: ACE.dll

..

(macOS)

On macOS, the crash report displays 'com.Adobe.ACE ' within the crashed thread section.

..

Thread 0 Crashed:: Dispatch queue: com.apple.main-thread
0 libsystem_kernel.dylib 0x00007fff91974f06 __pthread_kill + 10
1 libsystem_pthread.dylib 0x00007fff97a954ec pthread_kill + 90
2 libsystem_c.dylib 0x00007fff8214577f __abort + 145
3 libsystem_c.dylib 0x00007fff8214605e __stack_chk_fail + 200
4 com.adobe.ACE 0x00000001116c716c ACEHasFeature + 160120
5 com.adobe.ACE 0x00000001116c8ed5 ACEHasFeature + 167649
6 com.adobe.ACE 0x00000001116c9573 ACEHasFeature + 169343
7 com.adobe.ACE 0x00000001116cd832 ACEHasFeature + 186430
8 com.adobe.ACE 0x00000001116eb5e5 ACEHasFeature + 308721
9 com.adobe.ACE 0x00000001116a4734 ACEHasFeature + 18240

..

Photoshop CC 2018

Windows and macOS

Try the solutions listed below.

Uninstall Photoshop and install it again using the Creative Cloud desktop app.