A "pending" status means that the withdrawal has not been put into processing yet, i.e. it's been left untouched since its creation. Withdrawal amount is not deducted from your balance yet, and the request can be cancelled by users.
A "processing" status means that the withdrawal has been put into processing, and its amount has been deducted from your balance. At this point, it can no longer be cancelled by users.
A "processed" status means that the fund has been authorized to leave our bank account. From here, depending on the location of the beneficiary bank, transaction can take one working day or more to complete.
A "cancelled" status means that the withdrawal has been cancelled by users.