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Crypto exchange StandX announces shutdown and cancels token launch
Decentralized perpetual futures exchange StandX has announced that it will shut down operations and cancel the launch of its native token. The platform, founded by former Binance Futures head Aaron Gong and other industry veterans, will begin restricting trading on October 20, 2026.
According to the team's statement, the decision followed a review of its business performance and market conditions. The company plans to wind down its core operations by January 2027.
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StandX launched its mainnet in November 2025 and served more than 237,000 users during its operation. At its peak, the platform's total value locked (TVL) exceeded $200 million.
StandX sets deadlines for trading shutdown and withdrawals
On October 15, the platform stopped accruing yields on DUSD, trading positions and liquidity provision programs. Referral rewards and new deposits into investment vaults were also suspended.
Starting October 20, perpetual futures trading will switch to reduce-only mode. Users will be able to reduce or close existing positions but will not be allowed to open new ones.
At the same time, the exchange will stop accepting new user registrations, issuing DUSD and processing certain over-the-counter transactions. Deposits will remain available solely to support existing positions.
By January 15, 2027, StandX will cancel all remaining orders and automatically close open positions at the prevailing settlement market price. Assets held in investment vaults will be returned to users' trading wallets.
Users can withdraw assets and submit DUSD redemption requests until January 31. Processing of the final requests is expected to be completed by February 7, 2027.
Users to receive DUSD instead of a native token
StandX has canceled its planned token launch and decided to conduct a one-time DUSD distribution instead. The payouts will be funded by the platform's remaining revenue and additional contributions from the team.
Eligibility checks will open on October 26, while the claims period will run from November 1 through December 31, 2026. The distribution will take into account trading activity, liquidity provision and participation in referral programs.
The StandX shutdown comes as other cryptocurrency companies exit the market. In particular, investment firm Deus X Capital announced that it would cease operations after three years in digital assets and financial technology.
Deus X Capital's main investors decided to separate their investment activities and focus on independent ventures, including artificial intelligence initiatives. The company did not directly link its closure to developments at StandX.
Earlier, we reported that Binance announced plans to shut down its mining pool on November 10, 2026, after six years of operation. Related cloud mining services and additional tools for miners will also be discontinued.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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