Even Kraken, one of the largest centralized crypto exchanges by trading volume, hasn’t been immune to the global economy’s shifting trends, said Thomas Perfumo, its head of strategy.

“We’re not insulated from the broader macro and economic environment,” Perfumo told CoinDesk TV’s “First Mover” on Tuesday, adding that crypto winter “definitely had an effect on the business.”

Earlier this month, Kraken closed its Abu Dhabi office, less than a year after it had obtained a local license to operate in the emirate. In December the exchange said it was leaving Japan by the end of January.

Perfumo said Kraken’s Abu Dhabi and Japan offices were small parts of the business. Now the company is looking to “hunker down and focus on the big core parts.” Instead of opening a large number of regional offices, Kraken is limiting the “depth of our services,” he said.