Not sure if your question already got answered via DM but replying here in case others are wondering:
The waiver wire is FAAB based with a 1 day waiver period. There is no trade veto/trade review voting system (and there never should be IMO, the commissioner can take action in the rare case something fishy actually goes on there).
And to anyone, I highly recommend these leagues! Michael is constantly working to tune and expand the various events that happen throughout the year. I’ve been in one for several years now and its a blast, and I love the camaraderie that you get between you and your house mates! The three of us talk fantasy football year round, its a blast!