Is it legal? If it's not, isn't it easier to just use crack? E.g. pirate KMS server.
You may get your license revoked it the seller get caught and as a result, you may need to get a new one. As an individual, you are extremely unlikely to get into more trouble (same thing as with cracked software), but I wouldn't use these licenses as a business.
Microsoft of course knows it, they are silent about the issue, preferring fear and doubt, just like you demonstrated.
A lot of people in fact point to this ruling as a reason why more and more companies switched from perpetual licenses to subscription licenses. Without a full licenses there is nothing to resell and this ECJ ruling doesn't apply
MSDN subscribers can generate an unlimited number of keys at no cost, but they are for use by the subscriber only. Selling these keys is an abuse of the program. There is no resale here and you don't really get a license, you get a key.
But just like buying counterfeit goods, it is not clear to me, I mean if you buy your key from AliExpress, isn't it like importing counterfeits from China? That's something one should ask a lawyer. Anyways, these keys can be revoked any moment (and it has happened to me, with an Office key). If I had a business, I would avoid them for that reason alone.
But I am not a lawyer, perhaps on this case that doesn’t matter.