When your account status changes to Standby, you are effectively saying you do not want to accept any new BizX business currently. We'll deactivate all of your Marketplace offers and will stop advising other members to contact you in hopes of doing business.
This status change will not affect any other aspect of your account - going on standby merely means that you aren't accepting new business, but you can most certainly continue to spend your BizX dollars.
However, if your account is on standby for nonpayment of fees, BizX may deactivate all of your offers, deny you access to the Marketplace and even decline transactions on your account.