Publicly traded tokens and private fund raising rounds...

Recently a number of "live" / publicly traded crypto currencies are going through a private funding round. Some notable names include: LUNA, NEAR, and FTT - although there are many others.

In all cases the tokens and cryptocurrencies are already trading on exchanges and a private fund raising round was completed giving the private investors (most commonly institutions/funds/qualified investors) their crypto currency at a deep discount from current market prices. Although the investors have to give up liquidity to accept those shares, it seems like a pretty sweet deal for them.

My questions / problem with this is that it seems exactly like what Ripple/XRP has been dealing with for years. From my understanding it is a security violation to raise funds via a private round when you are already publicly trading - doing so, by definition classifies you as a security. Is this not a direct security violation? Why are these companies and blockchains OK with the risk of being classified as a security?