Frequently asked questions

Veltrum is a digital asset trading platform operated by DIRE MONEY TRANSMITTER LLC. It provides identity-verified access to cryptocurrency trading, a software wallet for self-managed custody, and a transparent fee structure. The platform operates as a registered Money Services Business under US federal law.

Veltrum is operated by DIRE MONEY TRANSMITTER LLC, a US-based company registered as a Money Services Business with the Financial Crimes Enforcement Network (FinCEN). The company is based in Minneapolis, Minnesota, and can be reached at 4826 Chicago Ave, Minneapolis, MN 55417.

Availability depends on state-level money transmission licensing requirements. Some states require specific licenses before a platform can serve residents. During account registration, you will be informed whether Veltrum is available in your state. If it is not currently available, the registration process will not proceed.

FinCEN, the Financial Crimes Enforcement Network, is a bureau of the US Department of the Treasury. It administers the Bank Secrecy Act, which requires certain financial businesses including Money Services Businesses to register and maintain compliance programs. Registration means the business is subject to federal oversight, must maintain anti-money laundering programs, and must follow recordkeeping and reporting requirements. This provides a level of accountability that unregistered platforms do not have.

KYC stands for Know Your Customer. It refers to the identity verification procedures that financial institutions are required to implement under federal law. For Veltrum, this means collecting and verifying your name, date of birth, address, and a government-issued identification document before allowing you to trade. This requirement is not optional — it is a federal compliance obligation for registered MSBs.

Users of Veltrum benefit from consumer protections available under applicable US federal and state law. These include the right to receive clear disclosures about fees and terms before transacting, the right to access records of transactions, and the right to file complaints with relevant regulatory authorities if disputes arise. Specific protections vary by state. Veltrum's status as a registered MSB means there is a regulatory structure in place, which is distinct from platforms that operate without registration.

As a registered financial institution, Veltrum is subject to federal reporting requirements including those related to the IRS. Certain transaction types and thresholds trigger reporting obligations. Users are responsible for their own tax obligations related to cryptocurrency transactions. Veltrum does not provide tax advice. Consult a qualified tax professional regarding your specific situation.

After completing identity verification, you can fund your account using a supported payment method. Once funds are available, you can select an asset from the supported assets list, review the transaction details including applicable fees, and confirm the purchase. The asset will be credited to your Veltrum account. You can then choose to hold it in your account or transfer it to the self-custody wallet.

Transaction limits apply based on your verification level and applicable regulatory requirements. Limits are disclosed during the account setup process and within the platform's terms of use. Higher verification levels may allow higher transaction limits. Limits exist in part because of federal requirements related to transaction monitoring and reporting.

If a transaction fails to complete, funds are not debited from your account. The platform will display an error message explaining the reason if one is available. Common causes of failed transactions include payment method issues, network congestion on the relevant blockchain, or account verification requirements that have not been met. Contact support at info@veltrum.co.com if a transaction issue persists.

Exchange custody means the platform holds the private keys to your cryptocurrency on your behalf. Your balance is reflected in the platform's accounting system. Self-custody means you hold the private keys yourself in a wallet you control. Veltrum offers both options. Exchange custody is simpler but means you have counterparty exposure to the platform. Self-custody gives you direct ownership but requires you to manage and secure your private keys. If keys are lost in self-custody, recovery is not possible through the platform.

The self-custody wallet is set up through the Veltrum platform after your account is verified. During setup, you will generate a seed phrase — a sequence of words that represents your private key. This seed phrase must be stored securely and privately. Anyone with access to your seed phrase has access to your wallet. The platform will guide you through the setup process with instructions for secure storage.

Yes. You can transfer assets from your Veltrum exchange account to the self-custody wallet at any time. Transfers to the self-custody wallet are on-chain transactions and may incur network fees. Transfers back from the self-custody wallet to your exchange account are also possible. Network fees apply in both directions and are separate from Veltrum's platform fees.

Veltrum charges trading fees on buy and sell transactions. These fees are displayed before you confirm any transaction. There are no hidden spreads embedded in asset pricing, no account maintenance fees, and no fees that appear only after a transaction is initiated. The complete fee schedule is available within the platform and is reviewed during account setup.

Deposit and withdrawal fees depend on the payment method used. Some payment methods carry fees from the payment processor, which are passed through to the user and disclosed before the transaction is confirmed. Veltrum does not add undisclosed margins to deposit or withdrawal fees. Network fees for on-chain transfers of cryptocurrency are set by the relevant blockchain network and are not controlled by Veltrum.

Account closure requests can be submitted through the platform's account settings or by contacting support at info@veltrum.co.com. Before an account can be closed, any remaining balance must be withdrawn or transferred. Regulatory recordkeeping requirements mean that certain account records are retained after closure in accordance with applicable law, even after the account is no longer active.

If you relocate to a state where Veltrum does not hold the required license, your ability to conduct new transactions may be suspended until the licensing situation changes. Existing account balances remain accessible for withdrawal. The platform will notify you of any changes to service availability that affect your account. This reflects the platform's commitment to operating within the legal requirements of each state.