Approved Limited is a delivery status related to location targeting. It means two things:
For example, if keywords in your campaigns target US and Canada, an Approved Limited keyword might be approved for serving in the US, but require review in Canada.
Your ads and keywords are reviewed against the Bing Ads policies specific to each location. This means that sometimes your ad may go online immediately in one of your targeted locations, but require additional review (or be disapproved) in another of your targeted locations. This is what triggers the Approved Limited status.
If an ad or keyword is listed as Approved Limited in Bing Ads (see this article to learn how to find the status of ads and keywords), click on the ellipsis icon next to the words Approved Limited.
If it was disapproved in at least one of your targeted locations, you will see:
Your ad or keyword is approved and eligible to serve in any targeted location not listed here.
You can edit the ad to make it compliant with that location's Bing Ads policies. When you save the changes, it will be reviewed again. Individual keywords cannot be edited, but you can delete them and add new keywords. If you disagree with the decision, you can request an exception directly from the Bing Ads UI. See How do I challenge a disapproval?
When you click the ellipsis icon next to the Approved Limited status, you may see the message "No rejection data is available at this time. Please try again later." This means that your ad or keyword is pending additional review in at least one of your targeted locations. Most reviews are completed within a day, and at that point, one of two things will happen: