@prpaul

I found now a solution:

1. Remove global token replacement from your custom formatter
2. Uninstall the symfony mailer module
3. Install the symfony mailer module again (I installed 1.4.0)
4. Enable & Import User & User Registration Password Overrides at /admin/config/system/mailer/override
5. Go to the /admin/config/system/mailer and edit the html value of one of the settings
6. Change the format to your custom formatter & save.

Hope, this will help.

Also got the same problem. The custom text format i use, is not able to render the [user:...] tokens. I need the custom format, because i have to render some html tags. Im not sure, but why is the "plain_text" format able to render the user tokens, and some custom format not? Do i miss some configurations?