Why centralized exchanges refuse to list legacy crypto tokens without explicit SEC immunity

Vault12 raised $17.45 million in 2018 by selling its VGT token but the token has never traded on a centralized exchange, illustrating how legacy ICO tokens remain locked out of major venues. The article explains that centralized exchanges refuse to list such tokens without explicit SEC immunity, citing regulatory risk. For traders, this highlights persistent listing barriers and liquidity constraints for older tokens, but the story is an explainer with no direct price catalyst.