This is a good question. As of version 3.2.x TurboActivate detects if you're using a VM but doesn't do anything about it. Sometimes VMs have different "fingeprints", sometimes VMs have identical fingerprints.
We've gotten a number of feature requests surrounding the topic of Virtualization and how to use hardware-locked licensing effectively in VMs.
The good news is in TurboActivate 3.3 we're making this easy. In TA 3.3 you'll have the option whether to allow or restrict users from activating (or use trials) on a VM. If you disallow a user to run on a VM then you can force them to use the floating license server, TurboFloat, coming out at the same time as TA 3.3.
With the floating license server you'll be able to sell your software to be used on VMs while also being able to strictly control how many times they can be used.
Also, to answer the likely followup question: we're trying to get TurboFloat and TA 3.3 out by the end of September.
Tell me if this helps.