I expect reputed projects like utrust to maintain a level and take time and efforts to decide about exchanges they want to list. They should avoid low volume and new exchanges at any cost .
Rather than that, we have a new trend these days to lock the bounty token for a certain period of time so that they cannot dump them for cents. I think that will be better rather than holding off an exchange.
Such a strategy can be contra productive maybe, at least in my eyes. The dump will just be at a later time of the game probably, with somebad luck in an current good phase with potential to get normally a raise in value.
If an ICO needs to lock bounty tokens because they are scared the influence the price with dumping, THEY GAVE AWAY TOO MANY BOUNTY TOKENS.
You could see that Utrust was everywhere. I think the budget for the bounty campaign was big, but I think it was their goal to reach as many people as they could and you can see that their ICO is a succes now.