The present invention provides a process for separating and disposing of catalyst in an oxygenate to olefins reaction system. Oxygenates are converted to olefins in a reactor in the presence of a catalyst having carbonaceous deposits, then effluent stream comprising the olefins is removed from the reactor. This effluent stream is entrained with a portion of the catalyst having carbonaceous deposits. The catalyst is separated from the effluent stream by contacting the effluent stream with a neutralized liquid quench medium to produce a catalyst containing stream. The carbonaceous deposits are incinerated and then the catalyst is recirculated to the reactor.