As far as OP is concerned, I don't understand how ICO affects exchange, what does it have to do with it? I understand the relationship of IEO but not with ICO. I even thought IEO would be a better replacement for ICO with the impact of exchanges monitoring token sales, token supplies, team role maps, and trading. The IEO doesn't appear to exist again, new tokens are crowdfunded, pumped, and dumped by whales. I seriously dont know what the future will be for startups.
for me, this kind of crowdsourcing seems to be dead already. people are seeing that the ones who are benefitting from this activity are the owners or devs only. also, investors don't know when they will get their initial investments back, hence, they are getting disappointed to go into this venture anymore. usually, once the coin or token is ready for trading from the IEO project, their price is only up in the first few days of trading. and you will notice that afterwards, it will slowly decline. so if you are too late to sell your coins, you will lose your opportunity to recover your funds.