In a large bowl season the shrimp with salt and pepper.
Place all-purpose flour, beaten egg, and Panko bread crumbs in three separate bowls. Mix old bay seasoning into the panko.
Working with one shrimp at a time, dip the shrimp in the flour, shake off the excess flour then dip it in the egg and then coat it in the bread crumbs, repeat the process for a second time to make it extra crunchy.
Coat all the shrimps and let them rest for 5 minutes.
In a pan fill oil (about 2 -2 ½ inches deep) and heat to around 375 F. Place 9-10 pieces of shrimp in the hot oil and fry the shrimps on medium flame until crisp, golden, and evenly cooked from inside (about 2-3 minutes). Just make sure not to overcook as that might turn shrimp rubbery and chewy.
Remove the shrimps from the oil and drain the excess oil using a paper towel.
Next, mix all the ingredients under bang bang sauce.
Garnish hot crispy shrimps with chopped cilantro and serve with bang bang sauce on the side OR pour the sauce over the fried shrimps and toss properly.