As shown in the screenshot, this is error code 1293. The reason for this error seems to be some implementation details in MySQL.
You could get around it by using a column of type DATETIME but this does not allow setting the current time as default value. However, you can solve this in your application code or by using a trigger. I used a sample table (called datetimetest) and added the trigger like this:
Database schema:
CREATE TABLE `datetimetest` (
`id` int(11) NOT NULL,
`created` datetime NOT NULL
) ENGINE=InnoDB DEFAULT CHARSET=utf8 COLLATE=utf8_unicode_ci;
CREATE TRIGGER trigger_SetCreated
BEFORE INSERT ON datetimetest
FOR EACH ROW SET NEW.created = UTC_TIMESTAMP();
You can do the same for the modified field using a trigger BEFORE UPDATE or keep your solution as you now only have one TIMESTAMP column that gets set to CURRENT_TIMESTAMP ON UPDATE.