A large number of Visa's cryptocurrency credit cards have stopped working today while the The company ended its relationship with WaveCrest. The affected cards are those issued by WaveCrest, including the products of CryptoPay, Bitwala, TenX, Wirex and others

The move, which seemed to be related to cryptocurrency, is actually a crackdown on WaveCrest, which apparently violated Visa's policies. A representative of Visa told TNW:

"We can confirm that membership in WaveCrest is canceled because of continued non-compliance with our operating rules. Visa has other approved card programs that use trust funds converted from cryptocurrency in a number of jurisdictions. WaveCrest Visa membership termination does not affect these other products .

The news was first broadcast via Twitter, with a number of companies related to WaveCrest making a public apology

We published more information about the recent Wave Crest decision that affects Bitwala prepaid cards https://t.co/wHMMNvq9Je pic.twitter.com/DjQlKQtMJe – Bitwala (@bitwala) January 5, 2018

Unfortunately, our transmitter Card has ordered us to cease all prepaid Cryptopay cards as of January 5, 201 8. All funds stored on the cards are safe and will be returned to your Cryptopay accounts as soon as possible. Sorry for any inconvenience caused, we are working on the solution! – Cryptopay (@cryptopay) January 5, 2018

The general increase in the attention of regulators has led to a growing fear of a crackdown on cryptocurrency. However, the current problem is specifically related to issues with WaveCrest. Other businesses and card problems have not been affected.