COS token
Once these fees are deposited to this contract the contract automatically distributes them to token holders. In short the token pays you a part of the fees the exchange makes daily (To better understand this think about how much money you would make if Binance were to offer even a tiny portion of its fees to you as your income). Note because this is carried out as a DAO, COS token is not classified as a security.
I dont understand what is the difference between DAO and security? In my book if the thingy pays out you part of their income , it is the purest definition of security and regulators in shorter or longer future will consider it as well.
On topic of this exchange, I have used it about year ago and the overall experience was positive.
It looks that their token has not large volume currently and as a speculative asset could be a good one especially if you are researched their management.