From my point of view it looks like the breach of rules was solely on the end of WaveCrest.
They broke the rules, it's clear.
What are the rules? Which rules did they break? Of course, I agree they may have broken rules, and that if we knew what they had done we might all agree that they did something wrong. However, we have no idea what exactly they did and neither Visa nor Wavecrest is speaking publicly to the issue. Wavecrest has our identity documents, btw, so if they are Bad Guys, it would be nice if Visa told us some details.
An old saying comes to mind: "Rules are there for a reason, and the rulers know what that reason is".
A lot of ordinary people wanted to use those cards. Visa doesn't want them to, perhaps with our best interests at heart, perhaps not.
Anyway, I've hogged the review thread too much. Sorry! I miss my Wavecrest-issued cards, but some of the others will do for now.
I don't think that Wave Crest are the bad guys or that our personal data are endangered.
In such cases nobody would open and public speak what terms are exactly broken, that is some business ethic and they will both try to keep their business reputation. So, the exact reason we will probably never know.