I think there are no crypto-exchange, what didnt issued own token. The exchange tokens deliver wide range of benefits, for example discounts on fees, profit-sharing, or exclusive options. The tokens are important parts of the economy of exchanges, and when the cryptomarket going up, these also going up, because they are backed by working products.
And this could be a problem, as the exchange tokens become more stock-like, or equity-like. Its mean, you may have equity in the company, behind the exchange, like in the way of traditional stocks, and your income is like the dividens from stocks. Maybe not this was the plan of the exchange, but if the regulators decide, they will be in trouble. If the tokens have to compliant as the stocks, and the crypto-exchanges have to compliant as the traditional exchanges, that will be a thin ice for the sector. And additionally, the equity often means liability also.