When allowing people to register to a survey, you often want to list their email and their token at the registration email. The placeholders {EMAIL} and {TOKEN} do NOT work for the registration email, neither do {TOKEN:EMAIL} or {TOKEN:TOKEN}.
The survey is set to be NOn anonymous.

My test survey uses this registration eail text:
Hi {FIRSTNAME}<br /><br />

This is a placeholder test based on the registration data you have inputted.<br /><br />

Your email: {EMAIL} or {TOKEN:EMAIL}<br />
Your token: {TOKEN} or {TOKEN:TOKEN}

The attached screenshot shows what I receive. It seems that placeholders exist but are not filled.