You can now set the number of days the register from waitlist link is valid.
This feature is available for programs that have the waitlist feature enabled, and the Restrict registration to people on the waitlist box checked.
The link expiry feature is enabled at (Edit Program) > Registration > Capacity & Waitlist.
Set the number of days after sending that the link should expire.
Leave the box blank if you do not wish the link to expire.

Read more about how to Manage a Waitlist.