Simple answer to this would be a definite no. If I used a traffic exchange then I can get large volumes of traffic to my site that had their ads on, but I wouldn't last within their network for long due to the poor quality of the traffic. CPM networks want good quality impressions and traffic.
Too old post but i am looking for cpm ad network and i found this post useful, in TOS of casale it doesnt write that they are against traffic exchange
I think each "network/program" is different and you have to read and keep up with their tos as to not get banned. Usually my experience with some traffic exchange sites are not really quality traffic anyway and more less used to gets lots of general traffic for different goals.... just my two cents on this old post