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Its not "most likely" case. Its a definite case. The user will be permanently banned. Its against Steam T.O.S and most likely will receive trade ban from Steam as well. You're not allowed to sell games for cash at all or buy games for cash in Steam from any users at all.
This means that you can't sell any games at all if the requirements are not met. The cash parts comes in when you trade in game items for cash such as Bill's Hat, Max, Keys, Buds and so on. You can't sell in game items for cash if you don't meet the requirements. That is all what the rule means. Its not just for Tf2, this rule also falls on Outpost for CSGO, and Dota as well.