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.
As far as i know, either the SEC asked them to fold up their circus tents like the exchanges claimed, or the exchanges are lying through their teeth. I tend to give people the benefit of the doubt.
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.
No, it becomes panama vs some random guy. Please keep in mind that this is IRL & not Equestria, podunk countries try not to piss off the big players. The president of the Panama (republic?), whose name is right on the tip of my tongue, given a choice between pissing off some_random_guy & USA, is likely to pick teh prior.
But we're drifting off topic & shitting up this nice fishing thread.