It does not have any options for this
As far as I can see here, it does, assuming "this" refers to the fact that whether to create / leverage trash cans on "removable media":

With at least the current version (2.2.0), the default of this setting is false. (For the record, apparently the program setting suppresses / overrides ~/.config/libfm/libfm.conf and the default library setting.)
I assume this is the error popup you saw, and it was your assumption that it is entirely about whether the drive is considered "removable":

The truth is that would be irrelevant if mentioned the setting is false.
So, let's just assume that somehow on your system the setting is true and for reasons, you want to keep it that way. In that case, the first thing you need to do is to make libfm-qt / gio consider the drive non-removable.
As far as I can tell, the reason that it considers your crypt removable, is simply because you have a directory under /media to be its mountpoint. I don't know the exact details behind the scene, but probably because /media (and /run/media/$UID) is somewhere udisks2 consider special, because that's where it create mountpoints when asked to mount stuff. Apparently even if you did not mount a drive through udisks2 (or even if it is configured to mount things under /run/media/$UID), it will still consider it special.
So if you want a drive to be considered non-removable, do not have your fstab entry mount it under somewhere /media. (Obviously if you do not have an fstab entry for it at all and let udisks2 "decides" its mountpoint, it would be considered removable.)
Yet even if the setting is false and/or the drive is considered non-removable, trashing could still fail. One of the reasons would be that the current user does not have permission to create a directory (for trashing, obviously) directly under the root of the filesystem (e.g. it is owned by root:root and has the mode of 0755 / rwxr-xr-x).
Suppose you do not want to change the mode or owner, you run as root either:
mkdir /media/storage/.Trash && chmod 1777 /media/storage/.Trash
(see this regarding the 1)
or:
mkdir /media/storage/.Trash-$UID && chmod 0700 /media/storage/.Trash-$UID
(in which $UID is the numeric id of the current user)
Obviously with the latter only the current user would be able to trash stuff, until you do it again for another user.
Note that if you do not have the drive considered removable (i.e. mounted somewhere under /media), very likely you would need to add x-gvfs-trash to the mount option, otherwise g_file_trash() would still fail because g_unix_mount_entry_is_system_internal() would then return true (except maybe you have it mounted somewhere under e.g. the home directory of the current user, idk).
Ref.: https://specifications.freedesktop.org/trash-spec/latest/
x-gvfs-trashto the fstab entry: docs.gtk.org/gio/method.File.trash.html. Or see if simply removing the fstab entry (which should instead let your DE, assuming you are using one, automount it through udisks2) makes a difference.