Cryptocurrency exchanges issue tokens to reward loyalty—but the terms are subject to change 

 Of the top 50 cryptocurrencies listed recently on CoinGecko, seven were exchange tokens, a type of loyalty or rewards program for a cryptocurrency exchange.

These tokens serve legitimate purposes on their exchanges by offering perks that include discounts on trading fees and access to exclusive promotions. When demand for those benefits increases, investors can sell their tokens for a profit.

At the same time, exchanges control the tokens and can change the terms, supply, function and benefits at will.  

Unlike Bitcoin or other cryptocurrencies governed by immutable blockchains and computer protocols that no single entity can...

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