New Delhi, Sept. 4 -- Binance Holdings Ltd., the world's largest crypto exchange, was about to get kicked out of the European Union.

Binance had failed to get a key regulatory license - an outcome that was not entirely surprising - but now, months after it was set to leave the EU, the company is still doing business there. That's due to a medley of side doors and workarounds that have allowed the firm to express confidence about continuing to operate in the 27-member-state bloc, according to people familiar with the matter.

A few crucial factors are emboldening Binance to maintain customers in the EU, where its licensing issue has so far been more of a barrier than a blockade, the people said.

One is a provision that lets unlicensed cr...