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

Crypto Insight Summary: Vault12 raised $17.45 million selling VGT in 2018 and says it met or dropped every promise, yet the token has never traded on a centralized exchange. Crypto Insight Analysis: Direction: Neutral Impact: No Impact Horizon: Short-term (1-3 days) Reasoning: No direct market impact as the token is not listed on major exchanges.