Why does the rest of the world tolerate American bullying is beyond me. At least in Europe, we should ban every Facebook app immediately. This would have the added benefit of letting regional apps emerge.
One big reason is that America controls the SWIFT network for settling international transactions. If you hate American commercial bullying, perhaps the biggest thing to be excited about is Europe's SWIFT-alternative, INSTEX. The world is so reliant on SWIFT currently that America can grind your commerce to a halt if you don't refuse to do business with entities it doesn't want you to. (I realize this current TikTok…
This isn't a technical problem (one can transfer money other ways as well, for example). If an entity does business with Iran it risks being put on the US Entity List (think Huawei) or other sanctions. US influence currently is still far reaching and many businesses don't want to risk (future) complications for little gain (Iran isn't that large of an economy). The calculus changes if it is a market as large as China, though.