What do you mean with them doing a better job with less risk? It's pretty safe to assume that Poloniex is probably the most regulated exchange thus far with their SEC approval, which even Coinbase can't say it has. Poloniex can legally list tokens without having to worry about breaking the rules, while most of the exchanges currently having tokens listed somewhat operate in a gray area. It doesn't seem to be the case that authorities are actively trying to enforce their laws, but that doesn't mean it will never happen. ICO tokens are considered to be securities, and that requires SEC approval, otherwise you are operating on non legal ground as exchange, and this applies to a lot current exchanges.