Unfortunately, with international trade agreements, lifting a finger is about all that's required.
As far as I know SEC has yet to do anything about exchanges outside the US.
Finally, please pay attention. It is illegal to sell unregistered securities to US persons, no matter what the law of your banana republics say.
OP explicitly stated otherwise, due to either ignorance or with intent to deceive.
This may be true but if panama says its ok for the exchange to operate, it becomes SEC vs panama not SEC vs random guy.
Also something I found: "Panama has taken several steps to modernise its economy and promote foreign investment. Most Panamanian and foreign investors choose to form Corporations. There are no exchange controls, currency restrictions or reporting requirements, and Panama imposes no limits on monetary transfers to and from the country."
http://www.atrium-incorporators.com/panama-mutual-funds-and-investment-corporations/