A newly registered Liquid account is in Pending status. Once documents are uploaded to start the verification process, its status changes to Pending Verification. If the account doesn't pass this process, its status will be updated to Declined, upon which you as the Liquid account owner will be prompted to provide new documents.
Crypto deposit is available to all accounts.
Only accounts with Approved status have access to fiat/crypto withdrawal and fiat deposit.
Finally, there is the Banned status. This is when the Liquid account is deemed to have done malicious/abusive activities to the platform. All services except signing in and out will be unavailable.