Yes, in the extreme if no exchange accepts your token, the token is likely worthless. However, if you happen to own a token and you happen to live or are a citi

Yes, in the extreme if no exchange accepts your token, the token is likely worthless. However, if you happen to own a token and you happen to live or are a citizen in the wrong country and some exchange blocks you from accessing your tokens, that could be resolved by owning your keys. First, the exchange won't be able to confiscate the tokens. There also may be exchanges in your country that aren't blocking access. Finally you can trade them informally or transfer them to someone else outside of your country.