The focus of the process was a payment made by the world football association FIFA to Platini in 2011. Platini was president of the European football association UEFA at the time.
The Office of the Attorney General of Switzerland (BA) accused both men of illegally initiating the payment of 2 million Swiss francs (current value 2.05 million US dollars).
“I want to express to all my loved ones my joy that after seven years of lies and manipulation, justice has finally been brought,” Platini said in a statement, per Reuters.
“During this process, the truth came out,” he added. “I’ve said it again and again: My fight is a fight against injustice. I won a first game.”
As Blatter entered the courtroom to hear the verdict, he told reporters, “I’m not innocent in my life, but I’m innocent in this case.”
During the June trial, Blatter claimed the payment to Platini was a salary payment to the Frenchman for some consulting work he did for FIFA between 1998 and 2002.
“It’s a salary that was due. I don’t know why we’re at a criminal hearing because of an administrative proceeding,” Blatter said.
“Platini told me I was worth a million and I told him so you will be with me for a million – gentlemen’s agreement,” continued the 86-year-old.
The verdict is the culmination of an investigation that began in 2015.
Following the pair’s acquittal, a FIFA spokesman said: “FIFA takes note of the court’s ruling on the case initiated by BA and will await the full reasoned judgment before commenting further.”